CHICAGO—HFF officials say that they have just closed the sale of Tanglewood Apartments, an 838-unit, garden-style community in northwest suburban Arlington Heights. The company marketed Tanglewood on behalf of the seller, Principal Real Estate Investors. Although the parties did not disclose the amount, Cook County property records show that JRK Property Holdings bought the development for $78 million.
Tanglewood sits at the intersection of S. Goebbert Rd. and E. Algonquin Rd. just off I-90 and about 25 miles northwest of Chicago’s central business district. Tenants occupy about 97% of the development and includes one-, two- and three-bedroom units averaging 731-square-feet. Community amenities include a clubhouse, 24-hour fitness center, two swimming pools, two sundecks, playground, volleyball court, pet stations and gazebo.
The HFF investment sales team that represented PREI was led by managing directors Sean Fogarty and Marty O’Connell, associate director Wick Kirby and executive managing director Matthew Lawton.
PREI manages or sub advises $52.6 billion in commercial real estate assets. It is the real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
Since its founding in 1991, JRK has amassed a commercial portfolio throughout the US valued in excess of $6 billion, and consisting of more than 55,000 multifamily units, hotels, and more than two-million-square-feet of office, industrial, and storage properties. As of 2014, JRK is the 15th largest owner of apartment properties in the US.