(Read more on the multifamily market.)
ALSIP, IL-Questar Equity LLC, based in Lake Forest, has acquired Woodland Courts Apartments, 3621 W. 119th St. The sales price was approximately $10.3 million and the cap rate was 8%, sources say.
The seller was not disclosed but was represented by Marcus & Millichap. Equibase Capital Group LLC, based in Chicago, provided a $1.5-million mezzanine loan for the acquisition. The term for the mezzanine loan is three years, says John Didrickson, a principal with Equibase.
The interest rate was not disclosed. This is the second deal Questar has done with Equibase. M&I Bank provided senior financing for the transaction.
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