CHICAGO- Prime Property Investors announced on Friday that they have sold Deer Valley Luxury Apartment Homes, a Class A community of 224 apartments in north-suburban Lake Bluff, to California-based Steadfast Income REIT for $28,600,000. The property was purchased by Northbrook-based PPI in June 2011 for $21,900,000.

“During the nearly two-year period in which we owned the community, we substantially increased the net operating income and the property rent roll by more than 32 percent. The property was 100 percent leased at closing,” said Barbara J. Gaffen, co-CEO of PPI. “This sale is evidence of the appreciation of value in the suburban Chicago apartment market.”

“With low vacancy rates and improving employment numbers, Chicago is a good buy right now,” Gaffen added. “Deer Valley is a rarely available North Shore garden-style apartment community. It's also ideally located along a major job corridor in the north suburbs, which provides a steady stream of quality tenants.”

Susan Lawson and Todd Stofflet of the Chicago office of Apartment Realty Advisors represented PPI in the sale. The transaction went to contract and closed in less than 30 days.

Deer Valley comprises 13 buildings on a 13.5-acre site with 297 surface parking spaces and 52 enclosed private parking garages.

“We used our extensive rehab and renovation expertise to transform Deer Valley into a community with the modern amenities and sophistication its residents expect and demand,” said Gaffen. Upgrades include new dark wood cabinetry, stainless appliances, granite countertops, and new kitchen and bath faux wood vinyl flooring.

On-site amenities also were upgraded, including the fitness center and an outdoor pool with sundeck. A 2,500-square-foot clubhouse includes a business center, a great room with fireplace and bar area, and the leasing office. Other improvements include updates to landscaping and signage, all new roofs, and completely renovated common area hallways.