(Read more on the multifamily market.)
WAUKEGAN, IL-A partnership between Jupiter Realty, based inChicago, and Capital Source, based in Chevy Chase, MD, has acquiredthe Reserve at Eagle Ridge apartment complex at 1947 W. Eagle RidgeDr. The 370-unit property sold for about $32 million.
The seller was a partnership of Pickus Cos., based in HighlandPark, and two other entities, says Michael Pompizzi, principal withJupiter Realty. A cap rate was not disclosed formally but Pompizzisaid the cap rate was less than 6%. GE Real Estate provided $28million in financing, with a five-year loan for theacquisition.
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