January 29. 2014 10:00AM - Last modified: January 29. 2014 10:12AM

Kenosha apartment complex sold for $17 million

Villa Royale Apartments LLC sold the 184-unit Villa Royale Apartments complex at 5418 Washington Road in Kenosha for $17 million, according to Oak Brook, Ill.-based Inland Real Estate Brokerage & Auctions Inc., which represented the seller, an out-of-state operator of multi-family properties throughout the U.S.

The buyer for the property is a Chicago-based investor and multi-family owner operator.

The property, built in 2001, sits on a 22-acre site and consists of 10 buildings with 184 two-bedroom/two-bath 1,400-square-foot units. Amenities include a clubhouse, swimming pool, fitness center, walking paths and tennis courts.

“Once we initiated our marketing campaign and began to call contacts from our proprietary database of multi-family investors, we had immediate action and interest for the property,” said Richard Kehoe, senior vice president of Inland Real Estate Brokerage & Auctions. “We fielded the various offers based upon CAP rate purchase price as well as qualifications to buy and close.”

“The property went under contract within 60 days, following our receipt of more than 10 offers to purchase from prospective buyers from across the country,” said Paul Rodgers, president of Inland Real Estate Brokerage & Auctions.