"We were able to find a buyer and arrange a quick close because there's a lack of quality apartment investment real estate on the market right now," says Inland Real Estate Sales senior vice president Charles Hold, CCIM, who co-brokered the deal with Inland assistant vice president Robert J. Edmiston.

Versailles Apartment Community had been offered at $10.35 million, or 12.21% cap rate.

The 30-year-old property is located on 10 acres at 18130 S. Kedzie Ave. in this south suburb of Chicago. About half the units are studios and one-bedrooms, with 113 two-bedroom and 32 three-bedroom units.

Elsewhere in the submarket, CB Richard Ellis is marketing the 168-unit Amberley Courts multifamily rental complex in nearby Midlothian, with a $6.95 million asking price, representing a 10% cap rate.

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