MONDAY, JUNE 29, 2009

ARA negotiates $60 million sale in Chicago market

by Illinois Real Estate Journal Reports
Chicago-> West Cook

Atlanta-headquartered Apartment Realty Advisors (ARA) represented AMLI Residential, a Chicago-based multifamily developer, owner and manager, in the $60 million sale of the 592-unit AMLI at Chevy Chase apartment community in Buffalo Grove, Ill.

The seller was represented by ARA's Chicago-based principal, Debbie Corson and sales associate, Susan Lawson.

Selling for $60,000,000, "this sale represents the highest volume and the largest property (in terms of number of units) transacted in the Chicago market over the past 18 months, since January 2008," noted Debbie Corson.

The quality of the asset and its location in one of Chicago's most desirable suburbs enabled ARA to secure over 10 offers in a very soft market. And although cap rates have increased significantly over the past 18 months, the transfer price represented a 7 cap on actual income after reserves, well below the current market.

AMLI at Chevy Chase was acquired by Teaneck, NJ-based Penobscot, a class A owner and manager that owns six multifamily properties in the Chicago area, including one in Chevy Chase's immediate sub market.

Located at 1701 Johnson Drive in Buffalo Grove, AMLI at Chevy Chase was 90 percent occupied at the time of the sale and consists of 592 one and two-bedroom garden-style apartments housed in 38 buildings which are situated among over 39 acres. Among the extensive community amenities are a clubhouse with a community room, state-of-the-art fitness center, two heated pools, sundecks, a business center, paved walking and jogging paths, four lighted tennis courts, a sand volleyball court and landscaped ponds with seven fountains.

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