The buyer was an out-of-state investor from Maryland inconjunction with a Chicago venture and an investor from Naperville,IL, says Jim Sears, director of multifamily sales with Sperry VanNess Chicago. The seller was Briargate Apartments LLC, based here,which developed the apartment complex, Sears says. The cap rate was6.6%, he tells GlobeSt.com.

Sears, Dennis Arndt and Reid Bennett, all with Sperry Van NessChicago, represented the parties in the sales transaction. Thedeveloper sold the property because "he was looking to acquirelarge parcels of land," Sears says. The community has a total of144 two-bedroom apartment units with an average size of 960 sf,with a rental rate range between $675 and $725, Sears tellsGlobeSt.com. All of the units have a washer and dryer, dishwashersand private garage parking. The community is about 95% occupied, hesays. The complex was constructed on 15.7 acres in 1991.

The property was acquired to complete a 1031 exchange. "Therewas some upside potential," Sears says. The new owners plan to dosome exterior renovations, such as landscaping, to increase rentand "bring the property to a new level," he says.