Lakeside Capital, Continental Properties list Chicago apartments

Two more properties are entering the mix as multifamily listings and sales pick up in the Chicago area.

Lakeside Capital Advisors, formerly known as Covington Realty Partners, recently listed its 242-unit suburban Warrenville complex, The Westlyn, at 28262 Diehl Road. Around the same time, Wisconsin-based developer Continental Properties recently listed Authentix McHenry, 3415 Blake Road, which the firm developed starting in 2021.

They join over 20 high-profile properties listed since the beginning of the year, according to listings tracked by The Real Deal.

Investors were encouraged by the region’s strong rent growth in the first half of the year but wary of high interest rates. As a result, success among sellers was mixed.

An August analysis from TRD found that among 16 high-profile multifamily sales reported in the region, eight resulted in a gain for the seller, four resulted in a loss, and four had unknown results due to still-unrecorded sale prices or loan information.

Since then, large-scale listings have picked up speed with at least nine entering the market in the last month.

With the Federal Reserve’s decision Wednesday to cut rates by half a percentage point, sellers like those of The Westlyn and Authentix McHenry may see more interest in the back half of the year.

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Marketing materials for The Westlyn note the sellers’ break-even price would be $365,000 per unit or about $88 million, although an asking price has not been made public. John Jaeger, Justin Puppi, Jason Zyck, Danny Zebowski and Pete Marino of CBRE are marketing the property.

The property contains a mix of studio through three-bedroom units, is 95 percent occupied and has an average rent of $1,971. Marketing materials note the complex’s proximity to several corporate headquarters including Navistar, Dover Corporation and Treehouse Foods.

The materials also note that “investors can easier handicap current and future tax liability,” because the property is located in DuPage County rather than neighboring Cook County.

In addition to Cook County’s history of fluctuating property taxes, current Cook County Assessor Fritz Kaegi has come under fire recently for miss assessing $444 million in value from 620 properties last year.

Authentix McHenry hit the market a little farther north.

Builder Continental Properties broke completed construction in 2022, and it’s one of dozens of its Authentix branded properties throughout the U.S.

The 288-unit property in McHenry County has an average unit size of 866 square feet. Amenities include a pool, clubhouse, fitness center and a leash-free dog park with pet spa. An asking price has not been disclosed.

Todd Stofflet of Walker & Dunlop is representing the seller.