CHICAGO—HFF officials say that they have justclosed the sale of Tanglewood Apartments, an 838-unit, garden-stylecommunity in northwest suburban Arlington Heights. The companymarketed Tanglewood on behalf of the seller, Principal RealEstate Investors. Although the parties did not disclosethe amount, Cook County property records show thatJRK Property Holdings bought the development for$78 million.

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Tanglewood sits at the intersection of S. Goebbert Rd. and E.Algonquin Rd. just off I-90 and about 25 miles northwest ofChicago's central business district. Tenants occupy about 97% ofthe development and includes one-, two- and three-bedroom unitsaveraging 731-square-feet. Community amenities include a clubhouse,24-hour fitness center, two swimming pools, two sundecks,playground, volleyball court, pet stations and gazebo.

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The HFF investment sales team that represented PREI was led bymanaging directors Sean Fogarty and MartyO'Connell, associate director Wick Kirbyand executive managing director MatthewLawton.

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PREI manages or sub advises $52.6 billion in commercial realestate assets. It is the real estate group of PrincipalGlobal Investors, a diversified asset managementorganization and a member of the Principal FinancialGroup®.

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Since its founding in 1991, JRK has amassed a commercialportfolio throughout the US valued in excess of $6 billion, andconsisting of more than 55,000 multifamily units, hotels, and morethan two-million-square-feet of office, industrial, and storageproperties. As of 2014, JRK is the 15th largest owner of apartmentproperties in the US.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.