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144-Unit Briargate Apartments Sells for $8M

ROCKFORD, IL-The apartment community has 144 two-bedroom units in 18 buildings on nearly 16 acres.

By Gina Kenny | Updated on July 09, 2008

ROCKFORD, IL-A 144-unit apartment complex here at 7367 Meander Dr. has been sold. The listing price was $8.3 million, with sources saying the sales price was nearly $7.7 million.

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.

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