LISLE, IL-The 196-unit Abbey Drive Apartments here has changed hands after being on the market for $18 million. The four-building complex at 5550-5760 Abbey Dr. is now owned by Highland Park-based Eagle Management, LLC, which acquired the property from a Chicago-based limited partnership.
The property, which includes a mix of studio, one-, two- and three-bedroom apartments, is in the same neighborhood as Equity Residential's Four Lakes complex, which the REIT is converting to condominiums. Units at Four Lakes are being sold at an average sales price of $144,000, while Eagle Management paid less than $100,000 per unit for Abbey Drive Apartments.
"The property is situated on a beautiful wooded site and has been well-maintained by the original developer," says Ralph DePasquale, who co-brokered the deal with Hendricks & Partners colleague Bill Montana. "It even backs to a ski hill."
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