Charlie Kennedy of Sperry Van Ness, who represented the buyer and the private family trust that sold the property, tells GlobeSt.com that the escrow was extended twice to find a 10-31 exchange upleg that suited the seller.

"The seller wanted to go into something with a higher cap rate than most apartment deals are offering," Kennedy tells GlobeSt.com. Ultimately, the seller invested the apartment sale proceeds in a partnership that owns industrial buildings.

The property that Landmark bought consists of two 10-unit buildings at 201 and 207 W. Wilson Ave. with a common courtyard. Built in 1961, the two-story, wood frame and stucco buildings include 16 one-bedroom units and four two-bedrooms. The one bedrooms measure about 750 sf and the two-bedrooms about 900 sf. Rents were about $775 for the one-bedrooms and $900-$950 for the two-bedrooms at the time the deal went under contract, but the seller had raised them to $800 and $1,000 by the time the transaction closed, Kennedy says.