Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO- Prime Property Investors announced on Friday that they have sold Deer Valley Luxury Apartment Homes, a Class A community of 224 apartments in north-suburban Lake Bluff, to California-based Steadfast Income REIT for $28,600,000. The property was purchased by Northbrook-based PPI in June 2011 for $21,900,000.

“During the nearly two-year period in which we owned the community, we substantially increased the net operating income and the property rent roll by more than 32 percent. The property was 100 percent leased at closing,” said Barbara J. Gaffen, co-CEO of PPI. “This sale is evidence of the appreciation of value in the suburban Chicago apartment market.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.