CHICAGO, IL – Rockwell Partners, a leading Chicago-based real estate investment and property management firm, recently completed the $30,500,000 acquisition of Mont Clare Apartments, a mixed-use property including 281 units and approximately 21,000 square feet of commercial space anchored by US Bank.
Located 10 miles northwest of Chicago at the major intersection of Harlem Avenue and Gunnison Street in the fast-growing market of Harwood Heights, Illinois, the highly visible property consists of two 12-story towers connected by a first-floor lobby.
Apartments at the complex include a mix of studio, one, and two-bedroom floor plans. Property amenities include a 24-hour fitness center, outdoor pool with sun deck, clubroom, business center, private multimedia theater, and underground parking. The Mont Clare is also conveniently located in close proximity to the I-90 expressway, CTA Blue Line and O’Hare Airport, and is surrounded by shopping and dining destinations, including Harlem Irving Plaza.
Rockwell plans to make significant improvements to Mont Clare’s common areas and building amenities in addition to upgrading rental units in need of renovation. The company also will take over the property management responsibilities for the property.
“We believe this is a strong, improving infill location and submarket, and that there is untapped value-add potential in the common areas, amenities and operations of the complex,” said Rockwell Partners Principal Jason Fishleder.