SCHAUMBURG, IL-Hartford, CT-based Cornerstone Real Estate Advisers has completed the sale of the 428-unit Lakes of Schaumburg apartment community here to a joint venture. Trecap Partners LLC, based in Conshohocken, PA and Naperville, IL-based Marquette Property Investments partnered to close on the property for $47 million, sources say.

The 23-year-old complex has 27 two- and three-story buildings, as well as two clubhouses, two outdoor heated pools, a jogging trail and a fitness center. The garden-style property, at 801 Belinder Ln., is about 96% occupied. Rents run from about $870 to $1,317 per month.

Michael McNamara, managing director and head of acquisitions for Trecap, said that the complex is of high quality, and in one of Chicago’s top apartment and employment markets. “We expect demand for multifamily housing in Chicago to stabilize in the coming months, as employment, household formation and renter trends improve,” he said in a statement.

The property is the third multifamily acquisition by Trecap since the second quarter, McNamara said. The company has about $4 billion in assets under management and supervision in the US and Europe, including more than 21,000 units of multifamily, five million square feet of office and 3.6 million square feet of retail.