CHICAGO, IL- The Geneva, IL-based developer Shodeen Inc. has sold the 226-unit Brittany Group Apartments in west suburban Geneva to an affiliate of Radco Investments, an Atlanta private equity firm. Shodeen built Brittany Court and has managed the property since 1989.
The property was sold for approximately $123,200 per unit.
David Patzelt, the president of Shodeen Group, said in a prepared statement that his firm was trying to capitalize on the area's increasing property values, which have been driven by the high occupancies and rising rents in the Fox River Valley towns.
The firm plans to focus on developing other properties in the region including Mill Creek Village Center, a planned community of 2,500 homes, also in Geneva, and other luxury apartments in Aurora, Elgin and DeKalb.
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