Bids will be considered for the entire portfolio, portions of it, or individual assets. Cushman & Wakefield and Apartment Realty Advisors are brokering the property and expect to receive bids next month. Cushman & Wakefield executive vice president Andrew Merin and Apartment Realty Advisors principal Matthew Rotan are leading the marketing effort.
The portfolio includes the 1,156-unit Stonegate Apartments in Glendale Heights, the 719-unit Countryside Apartments in Palatine and 427-unit Terrace Apartments in Elk Grove Village. Stonegate Apartments is the largest complex among the 32 properties being offered. The bulk of the portfolio is in Texas, split between the Houston (3,236 units), Dallas (1,350 units) and Austin (348 units) markets. Headquartered in Chicago, Alliance Holdings operates Houston-based Alliance Residential Management. Merin suggests the properties could be attractive condominium conversion candidates.
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