1/15/2008

Chicago multi-family brings $66 million

by

Park Place Apartments

Barrington, Ill.-based Park Place Apartments, LLC has sold the Park Place Apartments in the Chicago suburb of Hoffman Estates for $66 million to Boston, Mass.-based BVF II Park Place, LLC.

The deal was brokered by Ralph DePasquale and Bill Montana of the Chicago office of Hendricks & Partners.

The 642-unit apartment community is located at 845-875 Pacific Ave. and includes a 7,000 square foot clubhouse with fitness center. Built in phases from 1985 to 1988, it is comprised of 33, three-story buildings on 64 acres and contains a mix of one and two-bedroom townhomes.

Hoffman Estates is located roughly 35 miles northwest of Chicago and serves as the headquarters for Sears.

Address: 845-875 Pacific Ave., Hoffman Estates, Ill.

Size: 642 units

Built: 1985-1988

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Filed Under: Multi-Family

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