Sources say the price was $92,000 per unit, or $37.5 million,based on recent sales of similar properties in the area. The termof the loan is one year fixed, plus one year floating. "The all-inspread was 245 basis points over the seven-year interpolatedtreasury," De Kruiff says.

|

De Kruiff advised the buyer for the sale. Sue Blumberg, managingdirector with NorthMarq Capital's Chicago regional office, arrangedfinancing with Freddie Mac through the acquisition-upgrade program.As part of the financing program, there will be interior unitrenovations done to "a significant portion of the units," he tellsGlobeSt.com.

|

The Ohio investor had sold a 740-unit apartment complex earlierthis year and the acquisition of Hunters Ridge satisfied a 1031exchange, De Kruiff says. The buyer "sees the long-term growthpotential in the Chicago market," he says. The property is on thewestern edge of Elgin, within walking distance of a Metra trainstation and near Interstate 90.

|

The complex has a mixture of one-, two- and three-bedroom units,according to information on Marquette's website. The property hasan occupancy rate of approximately 96% to 97%. Marquette hadacquired the property, which was constructed in 1972, from MREFIIProperty III LLC in October 2004 for $25 million, or approximately$61,275 per unit, sources say.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.