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408-Unit Apt Complex Sold to Partnership

ELGIN, IL-Marquette Management Inc. will retain a partial ownership in a venture with an Ohio investor. Sources say the price was about $37 million.

By Gina Kenny | Updated on July 13, 2008

ELGIN, IL-Hunters Ridge, a 408-unit apartment community at 1068 Todd Farm Dr., has been sold. Marquette Management Inc., based in Romeoville, IL, and a partner sold the property to a partnership between an unnamed investor based in Ohio and Marquette Management, says Paul De Kruiff, vice president of investment sales for NorthMarq Capital Inc.’s Chicago regional office. “Their partner wanted to sell and they wanted to stay,” De Kruiff says. “We were able to marry Marquette with one of our clients who had a 1031 (exchange).”

Sources say the price was $92,000 per unit, or $37.5 million, based on recent sales of similar properties in the area. The term of the loan is one year fixed, plus one year floating. “The all-in spread was 245 basis points over the seven-year interpolated treasury,” De Kruiff says.

De Kruiff advised the buyer for the sale. Sue Blumberg, managing director with NorthMarq Capital’s Chicago regional office, arranged financing with Freddie Mac through the acquisition-upgrade program. As part of the financing program, there will be interior unit renovations done to “a significant portion of the units,” he tells GlobeSt.com.

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