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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.”

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