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JV Buys Brookdale Apartment Complex for $29M

NAPERVILLE, IL-Sterling American Property Inc. and BH Equities are purchasing the 252-unit Brookdale Village apartments at 1652 Brookdale Rd.

By Gina Kenny | Updated on April 16, 2007

(Read more on the multifamily market.)

NAPERVILLE, IL-A joint venture between Sterling American Property Inc., based in Great Neck, NY, and BH Equities, based in Des Moines, have purchased Brookdale Village at 1652 Brookdale Rd. The joint venture purchased the 252-unit luxury apartment complex from Equity Residential Properties, a Chicago REIT, for $29 million. The cap rate for the sale is about 6%, says Jeff Smith, senior vice president of acquisitions for Sterling.

The apartment complex has 222,880 sf in 28 two-story buildings on 15.6 acres. Brookdale Village is currently 94% occupied. BH will manage the property, Smith says. Apartments average 900 sf with rents ranging from $850 for a one-bedroom unit with 750 sf, to $1,175 for a two-bedroom unit with 1,100 sf.

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