(Read more on the multifamily market.)

WAUKEGAN, IL-Los Angeles-based JEM Realty Advisors, also knownas National Commercial Ventures, has acquired the 414-unit SunsetLake Apartments at 1610 Sunset Ave. The seller was a partnershipmanaged by Kinzie Realty, based in Evanston, IL, says DouglasImber, president of Essex Realty Group.

The sales price was not disclosed but the asking price was $27.1million, which would have a cap rate of 6%, Imber says. Imber andDoug Fisher, also with Essex Realty Group Inc. were the brokers forthe property.

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