McKenzie Falls, a Senior Community | 265 Lake Shore Dr
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McKenzie Falls, a Senior Community 265 Lake Shore Dr
105 Unit Apartment Building For Sale Bolingbrook, IL 60440
Investment Highlights
- Located in a QTC
- Professionally Managed - Ross Financial
- Below Market Rents
- Senior 62+ Designation
- 22 HAP Units - Expires July 2034
- Minimal Deferred Maintenance
Executive Summary
McKenzie Falls is a 105 unit senior (62+) LIHTC property located at 265 Lake Shore Drive in Bolingbrook, IL. The property includes an expansive clubhouse for senior residents including a large kitchen and dining area, laundry facilities and exercise room. The clubhouse also provides offices for management, garage/storage for maintenance supplies, and an additional, spacious 2 bedroom unit for maintenance or management. The property is professionally managed and has consistently maintained a high level of occupancy.
The property was constructed in 2010 via 4% Low Income Housing Tax Credits, Tax-Exempt Bonds, HOME Funds and private debt & equity. (32) of the units are subject to 50% AMI restrictions and (73) units are subject to 60% AMI restrictions – additionally (22) of the units are covered by a HAP agreement which was recently renewed for an additional 10 year period on July 1st, 2024, while the LURA will extend through 2042. McKenzie Falls presents an opportunity to assume the current in place debt or place new financing on the property. McKenzie Falls is also located in a Qualified Census Tract (QCT), providing investors the option to resyndicate the asset.
The property was constructed in 2010 via 4% Low Income Housing Tax Credits, Tax-Exempt Bonds, HOME Funds and private debt & equity. (32) of the units are subject to 50% AMI restrictions and (73) units are subject to 60% AMI restrictions – additionally (22) of the units are covered by a HAP agreement which was recently renewed for an additional 10 year period on July 1st, 2024, while the LURA will extend through 2042. McKenzie Falls presents an opportunity to assume the current in place debt or place new financing on the property. McKenzie Falls is also located in a Qualified Census Tract (QCT), providing investors the option to resyndicate the asset.
Property Facts
| Sale Type | Investment | Building Class | C |
| No. Units | 105 | Lot Size | 13.79 AC |
| Property Type | Multifamily | Building Size | 100,000 SF |
| Property Subtype | Apartment | No. Stories | 1 |
| Apartment Style | Garden | Year Built | 2010 |
| Sale Type | Investment |
| No. Units | 105 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 13.79 AC |
| Building Size | 100,000 SF |
| No. Stories | 1 |
| Year Built | 2010 |
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Freezer
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 105 | - | 700 |
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Walk Score ®
Very Walkable (70)
PROPERTY TAXES
| Parcel Number | 02-14-110-037 | Improvements Assessment | $109,734 |
| Land Assessment | $561,482 | Total Assessment | $671,216 |
PROPERTY TAXES
Parcel Number
02-14-110-037
Land Assessment
$561,482
Improvements Assessment
$109,734
Total Assessment
$671,216
zoning
| Zoning Code | B-2 |
| B-2 |
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McKenzie Falls, a Senior Community | 265 Lake Shore Dr
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