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ARA Sells Apartment Complex for $55M

NAPERVILLE, IL-American Realty Advisors has disposed of the ALARA Glenmuir apartment complex, which is about 95% occupied.

By Gina Kenny | Updated on December 26, 2007

(Read more on the multifamily market.)

NAPERVILLE, IL-American Realty Advisors, based in Glendale, CA, has sold the ALARA Glenmuir apartment complex, 2604 Rockport Lane. The 321-unit complex was sold for approximately $55 million, or approximately $171,340 per unit, sources say.

The buyer is reportedly a pension fund client of New York City-based JP Morgan Chase & Co. A cap rate was not disclosed. Moran & Co. marketed the property for American Realty Advisors. Peter Evans, with Moran & Co., verified that the sale had closed but said that he could not comment on the specifics of the sale. Phone calls and requests for comment were not returned by JP Morgan and American Realty Advisors.

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