LOMBARD, IL-KBS Legacy Partners Apartment REIT Inc., a California investor, has agreed to pay approximately $36 million for Avalon Lombard, an apartment complex consisting of 256 units at 2101 S. Finley Road in west suburban Lombard. The seller, Alexandria, Virginia-based AvalonBay Communities Inc., will unload the complex for $140,000 per unit.
Avalon Lombard, which sits on a 13.2-acre land, comprises 17 garden-style apartment structures. AvalonBay bought the property in 2006 for $32.3 million. The company hired Holliday Fenoglio Fowler LP to sell the complex. For the full story, go to Crain's Chicago Business .
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