The buyer was an out-of-state investor from Maryland in conjunction with a Chicago venture and an investor from Naperville, IL, says Jim Sears, director of multifamily sales with Sperry Van Ness Chicago. The seller was Briargate Apartments LLC, based here, which developed the apartment complex, Sears says. The cap rate was 6.6%, he tells GlobeSt.com.

Sears, Dennis Arndt and Reid Bennett, all with Sperry Van Ness Chicago, represented the parties in the sales transaction. The developer sold the property because "he was looking to acquire large parcels of land," Sears says. The community has a total of 144 two-bedroom apartment units with an average size of 960 sf, with a rental rate range between $675 and $725, Sears tells GlobeSt.com. All of the units have a washer and dryer, dishwashers and private garage parking. The community is about 95% occupied, he says. The complex was constructed on 15.7 acres in 1991.

The property was acquired to complete a 1031 exchange. "There was some upside potential," Sears says. The new owners plan to do some exterior renovations, such as landscaping, to increase rent and "bring the property to a new level," he says.