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NAPERVILLE, IL-American Realty Advisors, based in Glendale, CA, has sold the ALARA Glenmuir apartment complex, 2604 Rockport Lane. The 321-unit complex was sold for approximately $55 million, or approximately $171,340 per unit, sources say.

The buyer is reportedly a pension fund client of New York City-based JP Morgan Chase & Co. A cap rate was not disclosed. Moran & Co. marketed the property for American Realty Advisors. Peter Evans, with Moran & Co., verified that the sale had closed but said that he could not comment on the specifics of the sale. Phone calls and requests for comment were not returned by JP Morgan and American Realty Advisors.

The complex has one-, two- and three-bedroom units with an average unit size of 1,034 sf, according to marketing materials on the property from Moran & Co. The occupancy rate at the time of the sale was about 95%. The ALARA Glenmuir “is one of the premier, if not the premier” apartment complex in the area, he says. The complex of 23 two-story buildings and a clubhouse, on more than 22 acres with three lakes, was constructed in 1999. The clubhouse building was remodeled in 2005. There are no common hallways for the units, which have nine-foot ceilings, walk-in closets, and washers and dryers. Amenities for the complex include direct-access attached garages for all three-bedroom units in addition to some of the one- and two-bedroom units.

American acquired the complex in 2004 from Fairfield Residential for $40.4 million, or approximately $125,966, per unit, sources say. The Naperville apartment market is “extremely strong,” Evans says. “It is one of my favorite markets because of the population growth and the job market.” Net rent collections at ALARA Glenmuir have increased 9% from January 2007 to June 2007, according to the company. There is expected to be about 4% rent growth in the Naperville apartment market in the next five to seven years, Evans says.

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