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Partnership Buys 96-Unit Vacant Apt Complex

UNIVERSITY PARK, IL-The Evanston, IL-based group is investing more than $4 million to redevelop the foreclosed property, which once was 97% occupied.

By Gina Kenny | Updated on June 04, 2008

UNIVERSITY PARK, IL-A partnership based out of Evanston, IL has acquired the 96-unit Governor’s House apartment community, at 851 Burnham Dr. Governor’s House Apartments LP acquired the property from LSF5 Governor’s House, based in Dallas, TX. The 5-acre property had been foreclosed and is currently vacant, says Ralph DePasquale, senior investment officer with the Chicago office of Hendricks & Partners. The sales price was not disclosed but the asking price was $2.6 million. The new owners are expected to spend approximately $1.5 million to redevelop the property, DePasquale says.

DePasquale and Bill Montana, with the Chicago office of Hendricks & Partners, represented the seller in the sales transaction. The property has eight three-story apartment buildings that were constructed in 1972, in addition to a leasing office with laundry facilities that was constructed in 1997, DePasquale says. The complex has 48 one-bedroom and 48 three-bedroom units. The one-bedroom units have an average size of 640 sf and the three-bedroom units have an average size of 1,088 sf, according to marketing materials for the property.

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