CHICAGO and MILWAUKEE – October 22, 2021 – Berkadia Institutional Solutions announced today the sale of Birchwood on Sterling, a 719-unit garden-style multifamily property located in Palatine, Illinois. Senior Managing Director Pete Evans of Berkadia Chicago and Senior Director Richard Evans of Berkadia Milwaukee, along with support from local Berkadia colleagues, completed the sale on behalf of the seller. The buyer was Albion Residential LLC and the deal closed on September 22.
“Birchwood on Sterling is essential housing stock that was arduously reassembled and repositioned after a failed condominium conversion,” said Evans. “Albion has the perfect skill set to build on the progress and fully reposition the property.”
Completed in phases between 1969 and 1974 on a large 52.5-acre site at 975 N. Sterling Ave. in Palatine, Illinois, Birchwood on Sterling features one- and two-bedroom floor plans in 18 two-story walk-up buildings. The recently renovated stand-alone clubhouse features a clubroom, fitness center, leasing center, and a large outdoor swimming pool and sundeck. Residents are afforded convenient access to the dynamic Interstate 90 Corridor and Schaumburg job market, O’Hare International Airport and an abundance of nearby shops and restaurants.