The Inland Real Estate Group of Cos. has negotiated the purchase of what it says may be the largest suburban apartment complex in Chicagoland: the 1,156-unit Stonegate Apartments in Glendale Heights, Ill.
The complex, which spans no fewer than 33 two-story buildings on 66 acres of land, sold for $70.5 million. It is located at 440 Gregory Ave.
“This, probably the largest apartment complex in the Chicagoland area, also has one of the lowest vacancy rates in the metropolitan area,” said Joe Cosenza, who is also president of Inland Real Estate Acquisitions.
The Stonegate Apartments include 794 one-bedroom units, 361 two-bedroom units and one three-bedroom unit. The 66-acre property also includes 1,911 parking spaces. The property underwent a massive $4 million renovation from 2003 to 2004, including $1 million in balcony and stair repairs, $300,000 in roof repairs, $100,000 in paving, $500,000 in siding, $375,000 in painting and $378,000 in water heaters. The occupancy has remained steady at well over 90 percent.
The Inland Real Estate Group of Companies Inc. comprises independent real estate investment and financial companies doing business nationwide. Companies sponsored by affiliates of The Inland Real Estate Group of Companies rank collectively as the fifth-largest shopping center owner in North America, according to Shopping Centers Today (November, 2004).
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