ELK GROVE VILLAGE, IL-A private investor recently sold Burton Grove Apartments, a 192-unit complex, for $19.6 million in a plan to convert them and sell as condominiums. Burton Grove Condominiums LLC purchased the property for more than $100,000 per unit and more than $115 per sf.

The property, at 991 Charlela Lane and just west of I-290, was built in 1991. David Gaines with Marcus & Millichap Real Estate Investment Brokerage Co. represented the buyer, and said the new owner doesn't have any improvement plans, and will just sell the units as-is. "The building is in good condition," he says.

The units will see for from $105,000 for a one-bedroom unit to $139,000 for a two-bedroom unit, Gaines says, a pretty affordable price for the area. The units range from 630 sf to 1,100 sf.

"The property had two back-up offers, but they were pretty close to the sale price. The new owner hopes to make the most profit on the larger units, about 50% of the project," Gaines says. "There's been a lot of investors sitting on the sidelines for a while, flush with cash, they're starting to buy. The higher priced conversions are still having trouble, though."