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CHICAGO-Equity Residential Properties, the REIT based here, hassold two apartment complexes in the Chicago suburbs. Glenlake Club,1400 N. Oakmont in Glendale Heights, was sold to Henderson GlobalInvestors. Four Lakes, 5800 Forest View Rd. in Lisle, was sold toMarquette Cos., based in Romeoville. The properties had beenmarketed by senior marketing director Matthew Lawton and directorsSean Fogarty, Marty O'Connell and Dave Nachison, all with theChicago office of Holliday Fenoglio Fowler LP. A representative forHFF and the seller declined to be interviewed.

Glenlake Club has 336 one- and two-bedroom apartments with anaverage size of 799 sf. The sales price for Glenlake Club wasreportedly $34.95 million. Brian Eby, Midwest acquisitions officerwith Henderson Global, could not disclose the sales price butestimated the cap rate at 5.5%. The complex was attractive toHenderson Global because it "is a bond financed apartmentcommunity," financed with bonds that were issued by the village ofGlendale Heights, and the purchase is for one of their value addfunds that focuses on multi-family properties financed with taxexempt bonds, Eby tells GlobeSt.com. Henderson Global currentlycontrols about 20,000 units across the country.