Along with directors Jason Hernandez and Dave Nachison, Lawton fielded 17 offers on behalf of TVO Realty Partners and Urdang and Associates. He adds the sales team received 110 confidentiality agreements in the early stages of marketing the property, which includes one- and two-bedroom units averaging 731 sf.
"Principal Life Insurance Co. intends to hold on to this asset, which is located in a core market and benefits from a solid sub-market, and long-term appreciation and stability," Lawton says.
Principal Life Insurance Co. paid cash for the property, which was unencumbered by mortgage debt.
This northwest suburb's Downtown has undergone a transformation, with mixed-use developments lining the streets surrounding a new Metra commuter rail station. Tanglewood Apartments is about two miles south of Arlington Heights' Downtown.
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