(Read more on the multifamily market.)

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NAPERVILLE, IL-A fund managed by Hartford-based UBS has acquiredThornberry Woods, 7501 Gladstone Dr. The 280-unit apartment complexwas bought for $39.2 million from Lincoln National Life InsuranceCo., based in Fort Wayne, IN. The cap rate "with trailing numbers,was a sub five," says Ralph DePasquale, senior investment advisorwith the Chicago office of Hendricks & Partners.

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The buyer is acquiring the property "trying to add to theirportfolio," DePasquale says. "They really like the Chicago suburbanarea, as well as Downtown Chicago." DePasquale and Art Wadlundrepresented the seller. The property was marketed as part of athree-property portfolio, which also included the Estates atCrossroads in Duluth, GA and the Estates at Mira Vista inDenver.

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Thornberry Woods was constructed in 2002. The apartment complexis near major highways, but is also adjacent to the 200-acre GreeneValley Forest Preserve with 14 miles of bike and walking trailsnearby, DePasquale says. "It is a great location in terms of beingon 75th Street. It has great visibility," he says. The property has14 two-and three-story buildings with a total of 260,190 rentablesf.

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The complex is a mix of one-and two-bedroom units. Unitamenities include walk-in closets and washers and dryers inaddition to gas fireplaces in some units. The complex also hasindividual garages, a clubhouse with a leasing center, businesscenter and fitness center. Unit sizes range from 780 sf to 1,259 sfwith an average unit size of 929 sf, according to the marketingbrochure for the property. The rental rates range from $945 to$1,492 with an average rent of $1,122. The net operating income for2006 was nearly $1.7 million, with an annualized 2007 figure ofnearly $1.9 million and pro forma net operating income of nearly$2.2 million, according to the marketing materials.

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