Given the housing market slow-down, Capital Acquisitions andDevelopment has decided to auction the remaining units and hashired Inland Real Estate Auctions, based in Oak Brook, IL, toconduct the auction. The sales price for the property "is anybody'sguess at this point" but is likely to sell for somewhere in the"low to high $20 million range," Diliberto tells GlobeSt.com.

Capital Acquisitions and Development reportedly acquired theproperty at 1900 Country Dr. for about $38 million in 2005. The396-unit complex was constructed in 1987 and includes 297two-bedroom units and 99 one-bedroom units. "You have a good amountof units. The size of it is pretty ideal," Diliberto says. The sizeof the units ranges from 700 sf to nearly 1,000 sf. The companysold 103 of the units with sales prices ranging from $107,000 and$157,000.

The property is currently 88% occupied, Diliberto says. "It hasnot been a focus of this developer to fully lease" the property, hesays. Rental rates currently range between $825 and $925. Thecomplex's amenities include a nature walk, pool, picnic areas,lakes, tennis courts, playgrounds, a renovated clubhouse and afireplace in many of the units. The property is near the LakeCounty Fairgrounds, which are being redeveloped into an approximate800,000-sf lifestyle center by a joint venture between DevelopersDiversified and SKW Grayslake LLC.