(Read more on the multifamily market.)

WILLOWBROOK, IL-The Willowbrook Apartments, at 7440 Tennessee Dr., has been sold for more than $11.1 million. The cap rate was 5.25%. The identities of the buyer and the seller were not disclosed.

The 140-unit apartment complex was sold by a Chicago-based private capital company that was "moving funds within their portfolio" to a buyer based in California, says Paul De Kruiff, vice president in NorthMarq Capital Inc.'s Chicago regional office.

The complex has one, two and three-bedroom units ranging in size from 750 sf to 1,350 sf. The average rental rate is $812, De Kruiff says. The occupancy rate is in the "mid-90's," he says. Willowbrook Apartments was constructed in 1970, he says. The acquisition "was a value-add opportunity" for the buyer, he says. NorthMarq, headquartered in Minneapolis, is "most notably known" for providing commercial real estate debt and equity financing and arranged for the sale of the property on behalf of the seller, De Kruiff says.