Sterling American likes what it sees in Chicago's housing market.
with $33.5 Million Acquisition of Windscape Village
Naperville, IL: A joint venture partnership of Sterling American Property Inc. and BH Equities announced the acquisition of Windscape Village, a 352-unit luxury apartment complex located at 896 Benedetti Drive in the Chicago suburb of Naperville. The purchase price was $33.5 million.
Known for its ability to add value to acquired assets, Sterling will work with BH to invest $2.5 million for capital upgrades. The extensive enhancements will include the complete upgrade of all home interiors with new appliances, as well as the installation of new cabinetry and countertops for kitchens and bathrooms. Planned new tenant amenities will include a business center and fitness facility within the existing clubhouse.
Windscape Village is Sterling American Property's second major purchase in the Chicago area. "We believe in the upside of Chicago's residential communities, which have solid economic and demographic fundamentals," noted Jeff Smith, Sterling American senior vice president of acquisitions.
"By working closely with our long-term partners, BH Equities, we look forward to making a difference for residents at Windscape Village."
Windscape Village is comprised of 24 two-story garden buildings totaling 267,892 s/f. The property is currently 94% occupied. Among the numerous amenities at Windscape Village are tennis courts, a swimming pool and clubhouse located on four acres of private landscaped grounds.
Smith stated that, "Sterling is currently in negotiations to acquire another major multifamily property in the Naperville suburbs."
The prominent, NY-based investment company, which plans to acquire over $3 billion of commercial and residential real estate nationwide over the next three years, recently acquired 200 West Adams Avenue in Chicago's West Loop office market.
Sterling has joint-ventured with BH Equities on a number of successful projects throughout the country. "We look forward to once again working with Sterling to bring about the rejuvenation of this outstanding asset," said John Cohen of BH Equities, who was involved in the acquisition with Sterling.
The seller, fund operator TGM Associates, was represented by Holliday Fenoglio Fowler.
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|Title Annotation:||NATIONAL ROUND-UP|
|Publication:||Real Estate Weekly|
|Date:||Jan 10, 2007|
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