Pine Ridge Apartments

Colliers is pleased to present Pine Ridge Apartments, a 220-unit garden-style community located at 1833 Seven Pines Road in Springfield, Illinois. Built in 1973 and situated on 12.77 acres, the property features thirteen three-story buildings with a mix of spacious one- and two-bedroom residences.

The community offers 28 one-bedroom units averaging 750 square feet with in-place rents of $874 per unit ($1.17/SF), and 192 two-bedroom units averaging 900 square feet with in-place rents of $1,020 per unit ($1.13/SF). Overall, Pine Ridge Apartments averages 881 square feet per unit with an average in-place rent of $995 ($1.14/SF), providing a competitively priced option within the Springfield market.

Pine Ridge Apartments is well positioned in a convenient, central location, just 12 minutes from Downtown Springfield and 7.3 miles from the University of Illinois Springfield, placing residents near major employment, education, retail, and healthcare destinations.

Springfield’s multifamily market offers investors a rare blend of stability, affordability, and steady growth. With approximately 7,600 units of total inventory, vacancy has tightened to 6.4%, below both its five- and ten-year averages. Importantly, no new construction is currently underway, and new deliveries have been virtually nonexistent in recent years, underscoring the market’s highly supply-constrained nature.

Rents have shown impressive momentum—rising 10.3% year-over-year, well above national trends—while remaining affordable relative to the U.S. average ($1,090 vs. $1,760 per month). This balance of affordability and growth has helped sustain consistent renter demand and occupancy across all asset classes.

For investors, Pine Ridge Apartments represents a compelling opportunity to acquire a well-located, income-producing community within a market defined by limited new supply, resilient rent growth, and durable fundamentals.

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