Mallard Point Apartments, a 173-unit garden-style community in Channahon, has changed hands for about $24.6 million, signaling that investors are still hungry for suburban multifamily deals. The California-based buyer, Loboda Properties, assumed the existing HUD loan on the property, and brokers say the community was nearly fully leased when the sale closed. Marcus & Millichap arranged the transaction.
Deal Details and Brokers
Marcus & Millichap's Chicago Oak Brook team ran the sale process, with Scott Harris and Sam McCarthy representing the buyer. As reported by ConnectCRE, Harris said the listing drew "more than 30 offers" and the property was 99% occupied at the time of closing. The final price came in at $24.62 million, working out to roughly $142,341 per unit.
Property Profile and Address
Mallard Point covers about 22 acres and is made up of 13 low-rise, garden-style buildings with a mix of one- and two-bedroom units that average nearly 1,000 square feet. The community is located at 27741 W Drake Dr in Channahon, with amenities that include a clubhouse and pool. Leasing and unit details are listed on Apartments.com. Brokers note the site sits roughly 50 miles southwest of downtown Chicago, near the I-55 and I-80 interchange.
Why Investors Are Bidding Suburban Chicago
Brokers are casting the deal as another sign of solid demand for stabilized, cash-flowing suburban properties that serve Chicago's workforce and its logistics corridors. Will County, which includes Channahon, is cited by local officials as one of Illinois' faster-growing counties, helping support renter demand along commuter and freight routes, according to Will County. For buyers, stepping into an existing HUD loan can help preserve financing terms that might be hard to replicate and can smooth the path to closing in a crowded bidding field.
What Comes Next
Loboda Properties, described in broker materials as a California-based family office, is now the new owner. Brokers have not disclosed any immediate capital improvement plans at the property. The sale, reported by ConnectCRE, caps a competitive marketing campaign and points to early-2026 momentum for stabilized multifamily trades in Chicago's outer-ring suburbs.
