Heritage Manor Apartments 15119 Catalina Dr

Kiser Group is pleased to exclusively offer for purchase the sale of the Heritage Manor Apartments, a seven (7) building portfolio comprised of eighty-four (84) units in Orland Park, Illinois. The subject properties sit within a quiet, tucked away location in one of the most highly sought-after locations to own real estate in Chicago’s Southwest Suburbs. Additionally, the buildings are a quick drive away from popular retail locations on La Grange Road to the west and 159th Street to the south.
The Heritage Manor Apartments have an incredibly desirable unit mix consisting of twenty-eight (28) 1Bd/1Ba and fifty-six (56) 2Bd/1Ba units. Both the 1Bd and 2Bd units are incredibly spacious, providing tenants with comfortable living and dining spaces. Finishes are the same throughout, with wood cabinet kitchens, carpeted flooring, and ceramic tile bathrooms. The interior units, common areas, and exteriors of each property have been meticulously maintained throughout the course of ownership, and the buildings are fully occupied (excluding one unit currently being used as an office). Recent capital improvements include but are not limited to all roofs being replaced in the past seven (7) years and repaved parking lots within the past five (5) years.
The Heritage Manor Apartments present an investor with the unique opportunity to acquire a bundle of assets in which have never traded hands and have strong return potential. With fully updated mechanicals and well-kept exteriors, a potential buyer would simply need to fully renovate the interior units to achieve stabilized, post-renovated rents already being achieved in the market. At these levels, a new owner would assume an IRR of almost 18% after year five (5) of ownership.