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GLENVIEW, IL-A private investment group has purchased the112-unit Valley Lo Towers II apartment complex, at 1900 ChestnutAve. in Glenview, IL for $26.13 million. The sale price was abovethe asking price of $26 million and represents a price of $233,304per unit or $198.47 per sf, says Scott Harris, a senior investmentassociate and a director of the national multi-housing group forMarcus & Millichap Real Estate Investment Brokerage Co. The caprate on the sale was 5.38%.

Harris and David Tarnoff, a director with the nationalmulti-housing group, represented both the buyer and the seller.Neither the buyer nor the seller was disclosed. The owners received"about a dozen offers on the property," Harris tells GlobeSt.com."Out of those 12 offers, we had four buyers that were above ourasking price of $26 million and at least one of those buyersplanned on holding the property long-term as apartments," hesays.