Apartment complex sold for $55 million
The ALARA Glenmuir, a Naperville apartment complex, was recently sold for $55 million, highlighting the attention investors are now giving to rental properties as the market for Chicago Condos drops around the city. The complex was owned by American Realty Advisors, a Glendale, CA-based investment company.
The 321-unit apartment complex located at 2604 Rockport Lane offers one, two, and three-bedroom units. The building enjoys an occupancy rate of 95 percent, right in line with the average for the most popular Chicago neighborhoods.
The complex includes 23 two-story buildings. Residents enjoy amenities such as walk-in closets, attached garages, three lakes, and a clubhouse with pool. The development was completed in 1999.
Problems in the mortgage market and high prices around the region have led many potential buyers to turn to rentals. Banks and lenders have tightened requirements as foreclosures threaten many companies’ profits. Many buyers who were able to qualify for a loan are now unable to find a lender willing to take a risk.
Prices in Naperville have increased in eight of the last ten years, making it difficult for many buyers to afford a condo in the neighborhood.
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