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Cornerstone Expects Apt Sale in Upper $50M

SCHAUMBURG, IL-The 428-unit Lakes of Schaumburg is 95% occupied, but is being unloaded by the Hartford, CT-based owner.

By Gina Kenny | Updated on June 22, 2008

SCHAUMBURG, IL-Cornerstone Real Estate Advisers LLC, headquartered in Hartford, CT, is selling the Lakes of Schaumburg, 801 Belinder Ln., here. Cornerstone has owned the 428-unit apartment community since 1989, says Matthew Lawton, senior managing director with the Chicago office of Holliday Fenoglio Fowler LP. The property is expected to sell in “the upper $50 million range, approaching $140,000 per unit,” says Marty O’Connell, managing director with Holliday Fenoglio Fowler. “It will be very highly sought after,” O’Connell says.

Lawton, O’Connell and Sean Fogarty, director with the Chicago office of Holliday Fenoglio Fowler, are marketing the property. Cornerstone is selling the site because it has held since 1989, and needs to do portfolio management, the brokers tell GlobeSt.com.

The apartment complex has one- and two-bedroom units, with 76% of the units being one-bedroom apartments, O’Connell says. The average unit size is 801 sf. The complex is currently approximately 95% occupied, Lawton says. The average market rent is $1,213 per unit, or $1.52 per sf, O’Connell tells GlobeSt.com. Lincoln Property Residential is currently the property manager for the complex, Lawton says.

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