NEW YORK, May 10, 2018 (GLOBE NEWSWIRE) -- Greystone Real Estate Advisors announced it has closed the $16 million sale of Darlington Court Apartments, a multifamily property in Crystal Lake, Illinois. Bill Montana and Chris Sackley facilitated the transaction on behalf of Darlington Properties, LLC.   

Located 45 miles northwest of Chicago, Darlington Court Apartments features 235 units, of which 26 are privately-owned condominiums. An effort to convert the entire community into condos was initiated amidst the Great Recession, but never completed, leaving 209 units as rentals. The buyer will ultimately revert the 1970’s vintage property back to rental apartments, and also renovate interior units and common areas, enhancing the residential community immensely for current and future tenants.

“Despite the challenges, including existing debt encumbering the property, this asset provided the perfect value-add opportunity,” said Bill Montana, Managing Director at Greystone Real Estate Advisors. “We were confident that the property would attract a lot of interest from buyers due to its location in a desirable community and its existing high-occupancy. With the planned renovations, the appeal of this community will only grow, benefiting both the residents and owner.”

About Greystone
Greystone is a real estate lending, investment and advisory company headquartered in New York. Its Real Estate Advisors team provides services in sales, acquisitions, and a full spectrum of advisory services including debt, equity, and investment sales to multifamily owners and investors of affordable and market-rate housing. For more information, visit www.greyco.com.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com