(Read more on the multifamily market.)

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NAPERVILLE, IL-American Realty Advisors, based in Glendale, CA,has sold the ALARA Glenmuir apartment complex, 2604 Rockport Lane.The 321-unit complex was sold for approximately $55 million, orapproximately $171,340 per unit, sources say.

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The buyer is reportedly a pension fund client of New YorkCity-based JP Morgan Chase & Co. A cap rate was not disclosed.Moran & Co. marketed the property for American Realty Advisors.Peter Evans, with Moran & Co., verified that the sale hadclosed but said that he could not comment on the specifics of thesale. Phone calls and requests for comment were not returned by JPMorgan and American Realty Advisors.

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The complex has one-, two- and three-bedroom units with anaverage unit size of 1,034 sf, according to marketing materials onthe property from Moran & Co. The occupancy rate at the time ofthe sale was about 95%. The ALARA Glenmuir "is one of the premier,if not the premier" apartment complex in the area, he says. Thecomplex of 23 two-story buildings and a clubhouse, on more than 22acres with three lakes, was constructed in 1999. The clubhousebuilding was remodeled in 2005. There are no common hallways forthe units, which have nine-foot ceilings, walk-in closets, andwashers and dryers. Amenities for the complex include direct-accessattached garages for all three-bedroom units in addition to some ofthe one- and two-bedroom units.

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American acquired the complex in 2004 from Fairfield Residentialfor $40.4 million, or approximately $125,966, per unit, sourcessay. The Naperville apartment market is "extremely strong," Evanssays. "It is one of my favorite markets because of the populationgrowth and the job market." Net rent collections at ALARA Glenmuirhave increased 9% from January 2007 to June 2007, according to thecompany. There is expected to be about 4% rent growth in theNaperville apartment market in the next five to seven years, Evanssays.

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