CHICAGO – March 24, 2021 – Berkadia today announced the $43.2 million in combined sales of three multifamily properties, including Wing Park Apartments, Parkside Apartments and Stone Ridge Square. Managing Director Ralph DePasquale of Berkadia’s Chicago office led the sales team on behalf of their respective sellers.
“The sale of these assets demonstrates continued strong investor demand for Illinois properties,” said DePasquale. “We have sold thousands of units throughout the state over the last 36 months or so.”
Wing Park Apartments is a 184-unit garden-style multifamily property located at 6 Tivoli Place in the northwest suburban Chicago suburb of Elgin, Illinois. The seller was a joint-venture between Trevian Capital and Crown Properties Inc., both based in New York. The buyer was Illinois-based Cunat, Inc. and the deal closed on February 25. Wing Park Apartments features one- and two-bedroom floor plans with large closets and private patios or balconies. Community amenities include a clubhouse, a swimming pool, grilling stations and a fitness center. Residents are afforded convenient access to Route 31 and Interstate 90, as well as downtown Elgin.
Urbana Two Portfolio is comprised of 304-units across two properties, Parkside and Stone Ridge Square, located within a quarter mile of each other in Urbana, Illinois. The seller was Illinois-based BWCU, LLC, and the buyer was Loop Investments. Both properties provide residents convenient access to the University of Illinois and the shops and restaurants along Route 45. The deal closed on March 1 and additional details about the two properties in this portfolio are as follows:
- Parkside is located at 1205 E Florida Ave. and features two-bedroom floor plans with walk-in closets. Community amenities include an on-site laundry facility.
- Stone Ridge Square is located at 1714 E Colorado Ave. and features one-, two- and three-bedroom floor plans with patios or balconies. Community amenities include a swimming pool, a fitness center and an outdoor area with grilling stations.