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CHICAGO-Equity Residential Properties, the REIT based here, has sold two apartment complexes in the Chicago suburbs. Glenlake Club, 1400 N. Oakmont in Glendale Heights, was sold to Henderson Global Investors. Four Lakes, 5800 Forest View Rd. in Lisle, was sold to Marquette Cos., based in Romeoville. The properties had been marketed by senior marketing director Matthew Lawton and directors Sean Fogarty, Marty O’Connell and Dave Nachison, all with the Chicago office of Holliday Fenoglio Fowler LP. A representative for HFF and the seller declined to be interviewed.

Glenlake Club has 336 one- and two-bedroom apartments with an average size of 799 sf. The sales price for Glenlake Club was reportedly $34.95 million. Brian Eby, Midwest acquisitions officer with Henderson Global, could not disclose the sales price but estimated the cap rate at 5.5%. The complex was attractive to Henderson Global because it “is a bond financed apartment community,” financed with bonds that were issued by the village of Glendale Heights, and the purchase is for one of their value add funds that focuses on multi-family properties financed with tax exempt bonds, Eby tells GlobeSt.com. Henderson Global currently controls about 20,000 units across the country.

The complex is currently 90% occupied, according to a released statement from HFF. Amenities for the complex, which was constructed in 1986 or 1987, include a pool, fitness center and club house. The property will be managed by Lincoln Property Co., with corporate headquarters in Dallas. Henderson Global plans renovations to the clubhouse and “some select unit upgrades as well,” he says. Eby estimated the cost of the renovation at “a couple thousand dollars per unit.” Henderson Global recently hired a consultant for the renovations to the club house and Eby said he did not have details yet on what renovations would be performed. Renovations to the apartment units will include “lighting upgrades” and other upgrades, he said. There will also be upgrades to the business center, fitness center and community room and new signage for the property, directing people to the leasing office and allowing people to easier navigate the complex. “Generally it was in very good physical condition,” Eby says. “It has real nice curb appeal.”

Four Lakes has 476 studio and one-bedroom apartments with an average size of 649 sf. The sales price for Four Lakes was reportedly $38 million. The complex is currently 94% occupied, according to a released statement from HFF. Amenities include jogging trails, tennis courts, pools and a ski hill. Representatives from Marquette Cos. did not return a telephone call seeking comment.

Equity also recently sold Brookdale Village, a 252-unit apartment complex in Naperville, for $29 million and sold a 498-unit complex in Minnesota earlier this spring, as both were reported by GlobeSt.com. Equity Residential sold the properties as part of a strategy to sell all of their Midwest properties, a spokesman said in March after the Minnesota sale. “We are focusing on investments on the coasts and the sunbelt,” he says. “We hope, by the end of the year, to be out of the entire Midwest.”

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