Friday, October 16, 2015

American Realty Advisors Sells Class A 368-Unit Multifamily Community in Prime Chicago Submarket

Debbie Corson
 AURORA, IL – American Realty Advisors, an institutional real estate investment manager with over $7 billion in assets under management, has sold a Class A, 368-unit multi-family apartment community in the Chicago submarket of Aurora, Illinois. 

The property was purchased by The Connor Group for an undisclosed amount.

“Institutional and private equity investor interest in high-quality multi-family product throughout this region is currently strong,” says Martha Shelley, a Portfolio Manager at American Realty Advisors.

 “Investors are actively seeking core assets in Chicago submarkets, which made this disposition well-timed to deliver a strong return on behalf of our investors.”

Shelley adds that the asset’s location in close proximity to schools, retail and strong employment hubs in the medical and education fields helped to attract investor interest for the asset.

“We were actually one of the first institutional owners in this market to recognize the value of a capital improvement program when we implemented a renovation plan in 2009-10,” explains Shelley.

Aurora, IL apartments
 “By upgrading the asset, we were able to increase the value of the property for our investors, while also increasing our ability to compete with newer luxury product in the market.” 

At the time of the sale, the 368-unit apartment community was 96% occupied.

The apartment community is located at 1840 Clubhouse Drive in Aurora, Illinois. American Realty Advisors was represented by Susan Lawson and Debbie Corson of ARA Newmark.

For a complete copy of the company’s news release, please contact:

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

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