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CHICAGO-The 498-unit Catherine Courts Apartments has been sold for more than the asking price. Park Ridge-based Neri Development Inc. paid $48.4 million for the four-building complex near O'Hare International Airport, $1.4 million more than Catherine Courts LLP was asking for the property at 5300 N. Cumberland Ave., with intentions of undergoing a condominium conversion.

"It's hard to find a better location to suit a versatile lifestyle," says Inland Real Estate Sales Inc. vice president Richard Lewis, who represented the limited partnership with Joe Esselman, Kevin List, Jordan Shtulman and Andrew Watson. In addition to being across Cumberland Avenue from Catherine Chevalier Woods, the complex is less than a half-mile from the Kennedy Expressway and Chicago Transit Authority's Blue Line.

Most of the 35-year-old complex consists of smaller apartments, as the mix includes 86 studios, 372 one-bedroom and 40 two-bedroom units. In addition to covered and uncovered parking spaces, amenities include outdoor swimming pool, sundecks, exercise rooms and tennis courts.

While Lewis is managing broker of his company's Chicago office, the deal was in-house, as Inland Real Estate Sales vice president Bob Edmiston from the Oak Brook office represented Neri Development, a group of architects and general contractors involved in the single-family, multifamily, commercial and industrial arenas.

Instant Insights /

Condo Converter Pays $48M for Catherine Courts

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