CHICAGO, ILLINOIS – May 3, 2018 – Berkadia is pleased to announce the recent $41.5 million sale of the Tristate Portfolio, a 545-unit, four-property portfolio of conventional multifamily communities located in Illinois, Indiana and Wisconsin.
The Berkadia Chicago investment sales team of Alex Blagojevich, Ralph DePasquale, Chris Bruzas and Parker Stewart represented the seller.
“The portfolio offered a diverse grouping of assets and markets stretching along I-90/I-80 from Indiana to Wisconsin. Given the diversity, we had strong interest as a portfolio but also from numerous groups on the individual assets,” said DePasquale. “While this made it a little more challenging, ultimately, we were able to coordinate a sale and simultaneous closing with two separate buyers, that being the best course for the seller.”
Garden Quarter is a 184-unit, garden-style apartment community built in 1972, located in the quaint city of Elgin, Illinois, approximately 40 miles northwest of downtown Chicago. The property contains 20, 2.5 and three-story buildings. Situated on 11.18 acres of land, Garden Quarter contains a unit mix comprised of 72 one-bedroom units and 112 two-bedroom units.
Glacier Hills is a 123-unit, garden-style apartment community built in 1989 and located between the beautiful Elver Park and the lively West Towne Mall area in the city of Madison, Wisconsin. The property consists of three buildings situated on 3.96 acres of land. Glacier Hills has an ideal unit mix of 30 studio units, 77 one-bedroom units and 16 two-bedroom units.
Arbor Crossing is a 138-unit, garden-style apartment and townhome community built in 1974 and located in the city of Valparaiso in northwest Indiana, less than one hour from downtown Chicago. The property contains 19, two- and three-story buildings. Situated on 8.38 acres of land, Arbor Crossing contains eight one-bedroom units and 130 two-bedroom units.
Barrington Bridge is a 100-unit, two-story apartment community located near Lake Michigan and situated in the affluent community of Chesterton, Indiana. Originally constructed in 1978, the property mix is diverse, with nine floor plans in total. The unit types range from eight one-bedroom units to 24 two-bedroom units.