At a time when three upscale apartment complexes have risen, are rising or are soon to rise in Downtown Oak Park, it could not be better news that the Whiteco building, the granddaddy of this new Oak Park era, just sold, again, and for $68 million.
Just eight years old, Whiteco, also known as Oak Park Place Apartments, has sold for the second time and at a price $5 million higher than in 2012. The average price per unit rose by $26,714 since the 204-unit, and still-butt-ugly, structure last sold.
It is good to see that, even as 804 new luxury apartments come online in our downtown, investors are bidding up the prices of the existing real estate.
Another welcome side effect of this sale is the windfall $546,000 real estate transfer tax that will be collected by Oak Park’s village government. Ought to come in handy.
Over the years, some locals have expressed concern when prime properties such as Oak Park Place are sold off, as if it suggests a lack of loyalty. This isn’t about loyalty. It is about increasing value, increasing taxes, increasing population.
And by those measures Oak Park Place Apartments is a notable success.