Olde Towne Apartments | 218 Units | Vacant

Description:

Ri Marketplace Online Auction October 27th-29th, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2733/olde-towne-apartments-218-units-vacant?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=multifamily_2733

Marcus & Millichap is pleased to present Olde Towne Apartments, located at 748 Bruns Lane, Springfield, IL (the “Property”). The Property is a 218-unit, garden-style community on ±11.84 acres with ±190,080 RSF and a balanced mix of 1- and 2-bedroom flats plus townhomes. Built in 1974, the Property’s low-finish vintage and multi-building layout suit a focused value-add program (unit interiors, common areas, curb appeal) that can be executed in phases. The clear utility split (tenant-paid electric; owner-paid water/sewer, gas, trash) and straightforward systems (TPO roofs, thru-wall HVAC, cooling towers) keep capital planning predictable.

As the capital of Illinois, the Springfield area is a hub of public sector activity and is also now a national historical site that draws many tourists to the region. The market is approximately 100 miles from St. Louis and 200 miles from both Chicago and Indianapolis. Location advantages include immediate access to Route 97/4, proximity to Amtrak (~2.5 mi) and Abraham Lincoln Capital Airport (~4 mi), and walkable bus service—plus nearby retail, parks, and schools. Springfield’s role as the Illinois state capital, coupled with major healthcare and education employers, underpins durable renter demand. The Property has a population of ±56,960 residents within a 3-mile radius and an average household income of ±$86,777. Old Towne Apartments offer investors a rare chance to acquire scale at a low-cost basis - positioning buyers to create value through renovations, revenue optimization, and operational efficiencies in a stable, demand-supported submarket.

Scott Bowers
c/o Fisher Auction Company Inc.
License: 040000273
The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

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