Loboda Properties Trust has acquired Mallard Point Apartments, a 173-unit multifamily property in Channahon, Illinois, for $24.6 million, or about $142,300 per unit.
The two-story apartment complex at 27741 W. Drake Dr. was sold by Hispanic Housing Development, which owned the property since 2014. The seller divested the asset to unlock capital for additional projects.
Built in 1999, the property features a mix of one- and two-bedroom units. The average one-bedroom unit spans 783 square feet, while two-bedroom units average between 967 and 1,108 square feet.
As part of the transaction, Loboda Properties assumed the outstanding HUD loan on the property with a remaining balance of approximately $12.7 million.
Hispanic Housing Development previously acquired the property in September 2014 for $19.4 million.
For the record
Scott Harris and Samuel McCarthy of Marcus & Millichap represented the seller, Hispanic Housing Development.
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