CHICAGO—Many suburban condo developments hit rough patches in the aftermath of the recession, and Optima Old Orchard Woods in Skokie, originally developed in 2008, was no different. But Berkadia officials say they have helped facilitate the sale of 172 units located within the class A community for $44.2 million, reflecting a price per unit of $256,977. The buyer, Trilogy Real Estate Group of Chicago, plans to make minor renovations and maintain the units as rentals. The seller, which also developed the community, is Glencoe, IL-based Optima, Inc. “The opportunity to invest in this iconic, class A property was attractive for many due to its phenomenal location near the north shore of suburban Chicago,” says senior director of investment sales, Ralph DePasquale of Berkadia's Chicago office. “The amount of interest this sale generated and the offers the seller received are both strong indications of the desirability of the asset, as well as the broad-based strength of the Greater Chicago market.” Optima Old Orchard Woods offers one-, two- and three-bedroom floor plans. Unit amenities include floor-to-ceiling vistas, private balconies or terraces, washer and dryer units and fully equipped kitchens. Gas fireplaces are available in select units. Residents can also enjoy community amenities such as heated indoor parking, a sky garden, a large party room with a catering kitchen, a courtyard with reflecting pool and fountain, a resort-style indoor swimming pool with spa, a fitness center and tennis courts. Located at 9725 Woods Dr. adjacent to the Edens Expressway, the property is near Westfield Old Orchard Mall, less than five miles from Northwestern University in Evanston and adjacent to the Harms Woods Forest Preserve. Top employers in the area include Northwestern University, Presbyterian Homes , Illinois Tool Works Inc. and Skokie Hospital . According the Berkadia's most recent market report, vacancy in the Chicago metro area dropped 30 bps to 4.7% by the end of 2015. During that same time, asking rents advanced 3.4% annually to $1,504 per month.NOT FOR REPRINT
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.