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ST. CHARLES, IL-Private investment partnership Kinzie Assets LLC has purchased a 220-unit apartment building for $12.9 million. Fox Run Apartments, at 145 Walnut Dr., consists of 160 one-bedroom, 56 two-bedroom and four three-bedroom units, and is 98% occupied. The building is four stories in height, with only two levels inside, as the apartments are split-level.

The buyer and seller, St. Charles Apartments LLC, were represented by Rich Artman, VP and managing broker, and Heather Devermann, senior commercial specialist with Inland Real Estate Brokerage. “The seller is leaving the real estate business to focus on other activities,” Artman tells GlobeSt.com. The former owner purchased the property, which was built in 1971, more than a decade ago.

“It’s an affluent area, close to the Randall Road shopping corridor and downtown St. Charles, which a lot of people think is very quaint,” Artman says. “It’s that kind of old-town community that people are flocking to right now. It’s a community that has long been sought after, and a premiere address.”

Each unit has a balcony or patio, and the building offers tenants a swimming pool and sun deck and professionally landscaped grounds. Rental rates in the building range from $750 to $1,050 a month. The property is near Route 64.

“It’s a desirable place to own,” Artman says. “Because of its location in St. Charles and historically-high occupancy rate, it makes good sense for any apartment owner to purchase an asset like this. Kinzie plans to do rehab in each unit to maximize return with an eye toward optimizing rent income.” Artman says Kinzie will renovate units on an individual basis as they become vacant in the coming years.

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