(To read more on the multifamily market, click here.)
MOUNT PROSPECT, IL-A 222-unit multifamily rental complex here has changed hands after being on the market at $15 million. The Timberlake complex in the 1400 block of South Busse Road was sold by Chicago-based Folgers Real Estate to Heritage Trail, LLC, also based in Chicago.
The asking more was nearly $1.5 million less than its most recent equalized assessed value, according to property records. However, the complex was 97% occupied when it was sold, according to Hendricks & Partners brokers. Ralph DePasquale and Bill Montana of the Phoenix-based company's Chicago office brokered the deal.
The 37-year-old property is on 12.8 acres. The unit mix is one- and two-bedroom apartments, and amenities include an outdoor pool and exercise room.
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