WAUKEGAN, IL-Los Angeles-based JEM Realty Advisors, also known as National Commercial Ventures, has acquired the 414-unit Sunset Lake Apartments at 1610 Sunset Ave. The seller was a partnership managed by Kinzie Realty, based in Evanston, IL, says Douglas Imber, president of Essex Realty Group.
The sales price was not disclosed but the asking price was $27.1 million, which would have a cap rate of 6%, Imber says. Imber and Doug Fisher, also with Essex Realty Group Inc. were the brokers for the property.
The apartment complex is currently 91% occupied with an average monthly rental rate of $644, Imber tells GlobeSt.com. The complex, which was constructed in 1972 and renovated within the past four years, has studio, one-bedroom and two-bedroom units with an average unit size of 740 sf. The buyer acquired the property as part of their efforts to expand their portfolio as they become a public company, Imber says. JEM also recently acquired the Fox Crest apartment complex, at 2805 Glen Flora Ave. here, for nearly $14.5 million, and in March closed on the purchase of Autumn Grove in Downers Grove, IL.
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