Hickory Oaks trades at $91,000 per unit in $12.55M deal

Greenstone Partners has closed a $12.55 million sale of the Hickory Oaks Apartment Complex in Lansing, Illinois, according to Connect CRE. The 138-unit property traded at about $91,000 a unit. Greenstone Senior Director Michael Duckler represented both sides of the transaction.

The buyer, SpringView Investments, is run by Harold Willig and already owns and manages residential property throughout Chicago's Southland. Hickory Oaks sits 25 miles south of downtown, with eight three-story garden-style brick buildings on roughly three acres. The unit mix: 84 two-bedrooms, 52 one-bedrooms, and two studios.

Duckler called the deal compelling for the buyer, citing significant rental upside and the strength of the surrounding market. Connect's report itself describes the asset as a significant value-add opportunity. For a regional operator like SpringView, the $91,000 basis is a rent-growth play, not a distressed purchase. The dual representation suggests the deal grew out of relationships rather than a wide auction.

The per-unit figure is now a ready comparable for any investor weighing Chicago's south suburban apartments. With the buyer and seller both represented by the same broker, the price likely reflects negotiated terms between a motivated seller and an operator who knows the territory.