CHICAGO—High StreetResidential, the residential subsidiary ofTrammell Crow Co., and joint venture partner theCarlyle Group have just made a quick and lucrativesale of Park 205, the three-story luxury apartment community theyrecently completed in suburban Park Ridge, to L&BRealty Advisors, LLC.
The price was not disclosed, but Cook Countyrecords show the property went for $48.25 million. The energeticleasing activity that preceded the sale certainly helped push upits value and shows that while tenantshave been flocking to downtown residential properties, manysuburban developments also show great promise.
"We were really pleased with the early leasing success we saw atPark 205," Grady Hamilton, managing director ofTCC's Chicago business unit, tells GlobeSt.com, "especially giventhe season we opened." Forty-two of the 115 units, or about 36.5%,were leased when the companies closed the sale on December 22. Thefirst portion of units were ready for occupancy in October and therest were certified by December 8.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
