OFFERING MATERIALS AVAILABLE

mandalane apartments

450 Manda Lane | ​ Wheeling ​ | ​ IL ​ 60090
264 Units | Built in 1977

Mandalane Apartments is an essential addition to the diminishing supply of rental housing affordable to the majority of renters. The reintroduction of rental units through a condominium deconversion offers an opportunity to invest in a product with accelerating demand and limited supply with onerous barriers to entry.

  • Brick-built 6-story product in high-demand school district in northwest suburb of Chicago with the majority of its apartments available for value-add upgrades
  • Decreasing opportunities exist for assets with 75% value-add opportunity on a first-generation asset with limited previous interior renovations
  • Average premium on recent leases of $252 for 1BD/1BA and $271 for 2BA/2BA renovated apartments
  • Renovated rents are affordable to residents making 70% of the Wheeling AMI (with no restrictions or regulatory agreement)
  • Significant capital expenditures of $3.4M invested by current owner to cure deferred maintenance and renovate the stand-alone clubhouse
  • Excellent demographics and convenient location in Buffalo Grove High School District

VALUE-ADD OPPORTUNITY: UNIT UPGRADES

Mandalane offers investors the opportunity to accelerate revenue growth beyond strong projected market rent growth through interior unit upgrades to the vast majority of the Property’s units. ​ Approximately 24% of the Property’s units have been renovated since 2018 by current ownership. Images of some of current ownership’s interior renovations, as compared to classic units, are shown below.

 

STRATEGIC LOCATION

Mandalane’s strategic location provides convenient access to three of suburban Chicago’s premier job markets: North Suburban Office Market, I-90 Corridor/Schaumburg, and Rosemont-O’Hare. These surrounding major employment centers offer over 500,000 private sector jobs within 15 miles of the Property. ​ All three of these dynamic employment centers are easily accessible from Interstate 90, Route 53/I-290, and Interstate 294. The Wheeling Metra train station provides convenient access to downtown Chicago.

 

AMENITIES

PROPERTY OVERVIEW

CONTACT US

Office

Berkadia Chicago Investment Sales & Financing

125 S. Wacker Drive

Suite 400

Chicago, IL 60606

INVESTMENT ADVISORS

MORTGAGE BANKERS

PETER W. EVANS

Senior Managing Director

312.407.611
pete.evans@berkadia.com

RICHARD G. EVANS

Senior Director
414.662.2472
richard.evans@berkadia.com

Ralph a. depasquale

Managing Director
312.845.8572
ralph.depasquale@berkadia.com

jason bond

Managing Director
312.845.8504
jason.bond@berkadia.com

mandalane apartments

​ 450 Manda Lane ​ I ​ Wheeling ​ I ​ IL 60090

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. ​

© 2021 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.