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EQR Sells Apartment Complexes for $73M

CHICAGO-Glenlake Club, in Glendale Heights and Four Lakes, in Lisle have a total of 812 units and are each at least 90% occupied.

By Gina Kenny | Updated on May 20, 2007

(Read more on the multifamily market.)

CHICAGO-Equity Residential Properties, the REIT based here, has sold two apartment complexes in the Chicago suburbs. Glenlake Club, 1400 N. Oakmont in Glendale Heights, was sold to Henderson Global Investors. Four Lakes, 5800 Forest View Rd. in Lisle, was sold to Marquette Cos., based in Romeoville. The properties had been marketed by senior marketing director Matthew Lawton and directors Sean Fogarty, Marty O’Connell and Dave Nachison, all with the Chicago office of Holliday Fenoglio Fowler LP. A representative for HFF and the seller declined to be interviewed.

Glenlake Club has 336 one- and two-bedroom apartments with an average size of 799 sf. The sales price for Glenlake Club was reportedly $34.95 million. Brian Eby, Midwest acquisitions officer with Henderson Global, could not disclose the sales price but estimated the cap rate at 5.5%. The complex was attractive to Henderson Global because it “is a bond financed apartment community,” financed with bonds that were issued by the village of Glendale Heights, and the purchase is for one of their value add funds that focuses on multi-family properties financed with tax exempt bonds, Eby tells GlobeSt.com. Henderson Global currently controls about 20,000 units across the country.

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