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


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.

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