ACT paid Jerry A. McKay of Chicago, a private investor-owner, $8.7 million, or $71,311 per unit, for the asset. The 157,718-sf community rents for $850 to $950 per month.
Even at 87% occupancy, the property is ripe for a condo transformation, says Peter Chang, ACT's managing partner. "It is difficult to find good conversion property in the market outside Interstate 285, but I really believe we found a solid product here," Chang says.
Hampton Bridge Apartments was never on the market. Broker Peter Greyling of locally based Richard Bowers & Co. and Capri Capital Advisors of New York put the deal together. Greyling tells GlobeSt.com the transaction took "exactly 90 days" to complete, from contract signing to closing. There were no special environmental or governmental challenges to overcome by either buyer or seller in closing the deal, the broker says.
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