1/16/2008

Lincoln National sells 280 units in Illinois for $40M

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Thornberry Woods Apartments

Fort Wayne, Ind.-based Lincoln National Life Insurance has sold the Thornberry Woods Apartments in Naperville, Ill., for $39.2 million to a fund managed by UBS of Hartford, Conn.

Art Wadlund and Ralph DePasquale of Hendricks & Partners' Chicago office represented Lincoln National in the deal.

The 280-unit apartment community is located at 7501 Gladstone Drive. Built in 2002, it is comprised of 14, two and three-story buildings on 260,901 square feet.

Wadlund recently brokered the $35 million sale of The Estate at Crossroads in Duluth, Ga., and the $15.9 million sale of the Metro Village Apartments in Phoenix, Ariz.

Naperville is located roughly 40 miles west of Chicago and has a population of 130,000.

Address: 7501 Gladstone Dr., Naperville, Ill.

Size: 260,190 square feet/280 units

Built: 2002

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Filed Under: Multi-Family

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