APM Pays $33M for Mount Prospect Greens

CHICAGO—The recession hit many in the real estate world hard, but it also created some opportunities. Cleveland-based APM Management LLC, for example, just paid Windy City RE LLC $33 million for Mount Prospect Greens, a 344-unit, 14-building apartment complex in northwest suburban Mount Prospect. Since 2010, Windy City assembled the property from five different owners, rebranded the complex, renovated 30% of the units and increased rents significantly. Kiser Group, a Chicago-based broker, represented both the buyer and seller in the transaction, which closed in late December 2014.

“It was a huge effort to buy properties from five different owners over a three-year period,” says John Meyer, senior managing director at Kiser. “Windy City also started a big process to upgrade the units. They’re an opportunistic group, and once they add a certain amount of revenue, they’re ready to exit.”