498-Unit Catherine Courts Apartments Complex Sells for $48.4 Million; Condominium conversion planned for luxury O'Hare-area buildings near Catherine Chevalier Woods.

OAK BROOK, Ill. -- Catherine Courts Apartments, a 498-unit complex in Chicago's O'Hare neighborhood, has been sold by Inland Real Estate Sales, Inc.'s Chicago office for $48.4 million. E[acute accent]Neri Development, Inc. purchased the four buildings in the complex, and plans to convert the apartment units to luxury condominiums. E[acute accent]"Neri Development was attracted to this property because it's perfect for homeowners who want a city address but don't want the city feel," said Richard Lewis, vice president of Inland Real Estate Sales, Inc. and managing broker of Inland's Chicago office. "Residents will be within walking distance of the Catherine Chevalier Woods, but will also have easy access to the city's culture, commerce and recreation via the CTA Blue Line, the Kennedy Expressway and O'Hare Airport. Park Ridge, and many of Chicago's other most affluent suburbs, are a short drive north. It's hard to find a better location to suit a versatile lifestyle." E[acute accent]Catherine Courts, at 5300 N. Cumberland Ave., is made up of one seven-story brick building and three five-story brick buildings with an outdoor swimming pool, sundecks, exercise rooms and tennis courts for use by the residents of its 372 one-bedroom, 40 two-bedroom, and 86 studio apartments. The building also includes covered and uncovered parking available for residents and guests, as well as spacious layouts, ceramic tile baths, dining rooms, eat-in kitchens and individual storage areas. E[acute accent]The seller, Catherine Courts LLP, which achieved a final sale price well above the initial asking price of $47 million, was represented by Joe Esselman, Kevin List, Jordan Shtulman and Andrew Watson. The buyer was represented by Bob Edmiston, vice president of Inland Real Estate Sales, of the Oak Brook office. Attorney Robert Silvestro provided legal counsel to the buyer.

E[acute accent]Inland Real Estate Sales, Inc., (www.inlandresales.com) is part of The Inland Real Estate Group of Companies, Inc., which comprises independent real estate and financial companies with more than 30 years of experience specializing in commercial real estate brokerage, investments, development, acquisition and mortgage lending. Inland's national headquarters are in Oak Brook, Ill. E[acute accent]Photos are available upon request.