(Read more on themultifamilymarket.)

CHICAGO-An entity controlled by Eagle Management, based here,has acquired two apartment complexes with a total of 258 units. Theproperties are Grand Oaks, a 150-unit complex at 36033 N. GrandOaks in Gurnee, IL, and Waters Edge, a 108-unit complex at 712Waters Edge Dr. in Lake Village, IL. Grand Oaks was reportedlyacquired for nearly $12.1 million and Waters Edge was reportedlyacquired for more than $6.8 million.

Don Trossman and Rick Tannenbaum, both managing directors withChicago-based Cohen Financial, secured more than $17.3 million infinancing for the acquisitions. The financing had an 80% loan tovalue. The loan has a 30-year amortization with some interest onlyand standard prepayment penalties, Trossman says. He would notdisclose a cap rate for the sale but said that the appraisersprobably used a cap rate of below 6.5%.