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GLENDALE HEIGHTS, IL-The Stonegate Apartments, which at 1,156 units is one of the largest multifamily rental complexes in the Chicago suburbs, has sold for $70.5 million. Inland Real Estate Group bought the 33 buildings on 66 acres at 440 Gregory Ave. from Houston-based Alliance Residential Management.

"This, probably the largest apartment complex in the Chicagoland area, also has one of the lowest vacancy rates in the metropolitan area," says Joe Cosenza, vice chairman of Oak Brook-based Inland Real Estate Group. "This is a trophy property."

Occupancy at the property, located south of Army Trail Road between Glen Ellyn and Bloomingdale roads, is above the 90% mark, Inland Real Estate Group officials say. The unit mix includes 794 one-bedroom apartments, with rents starting at $679 a month, as well as 361 two-bedroom units starting at $789 a month. The 29-year-old complex has undergone a $4-million renovation since 2003, the bulk of the money spent on balcony and stair repair, siding, water heaters, paint and roof repairs.

The sale pares Alliance Residential Management's holdings in suburban Chicago to two properties—-the 427-unit Terrace complex in Elk Grove Village and 719-unit Countryside Apartments in Palatine. However, those two complexes combine fall 10 units short of Stonegate Apartments.

Instant Insights /

Inland Pays $70M for Stonegate Apartments

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