(Read more on the multifamily market.)
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.
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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