265 Lake Shore Dr Bolingbrook, IL 60440

McKenzie Falls, a 105-unit senior (62+) apartment building, presents a compelling investment opportunity. Located at 265 Lakeshore Drive in Bolingbrook, Illinois (zip code 60440, Will County), this property boasts 74,047 square feet across 15 single-story buildings situated on 13.79 acres. Built in 2010, the property features a spacious clubhouse with a large kitchen and dining area, laundry facilities, and an exercise room. The clubhouse also includes management offices, storage for maintenance supplies, and a two-bedroom unit for management or maintenance personnel. The property's high occupancy rate is a testament to its professional management. Financing options include assuming the existing debt or securing new financing. The property's funding sources included 4% Low Income Housing Tax Credits, Tax-Exempt Bonds, HOME Funds, and private debt and equity. Unit restrictions include 32 units at 50% AMI and 73 units at 60% AMI. Furthermore, 22 units are covered by a HAP agreement recently renewed for ten years (July 1st, 2024), with the LURA extending to 2042. Its location within a Qualified Census Tract (QCT) offers investors the potential for resyndication. The property's APN is 12-02-14-110-037 and is zoned B-2.