Friday, May 3, 2013

Prime Property Investors Sells Deer Valley Luxury Apartment Homes in Lake Bluff IL




                       Deer Valley Luxury Apartment Homes, Lake Bluff, IL

CHICAGO, IL, May 3, 2013– Northbrook, Ill.-based Prime Property Investors (PPI) has announced it has sold Deer Valley Luxury Apartment Homes, a Class A community of 224 apartments located in north-suburban Lake Bluff, Ill., to Irvine, Calif.-based Steadfast Income REIT for $28,600,000.

PPI Co-CEOs Barbara J. Gaffen
Michael H. Zaransky
The property was purchased by PPI in June 2011 for $21,900,000. Deer Valley Luxury Apartment Homes is located at 30011 N Waukegan Rd., Lake Bluff, Ill. 60044.

 “During the nearly two-year period in which we owned the community, we substantially increased the net operating income and the property rent roll by more than 32 percent. 

The property was 100 percent leased at closing,” said Barbara J. Gaffen, co-CEO of PPI. “This sale is evidence of the appreciation of value in the suburban Chicago apartment market.”

 Gaffen adds, “With low vacancy rates and improving employment numbers, Chicago is a good buy right now. Deer Valley is a rarely available North Shore garden-style apartment community. It’s also ideally located along a major job corridor in the north suburbs, which provides a steady stream of quality tenants.”

Susan Lawson
 PPI was represented in the sale by Susan Lawson and Todd Stofflet of the Chicago office of Apartment Realty Advisors. The transaction went to contract and closed in less than 30 days.

 Deer Valley Luxury Apartment Homes comprises 13 buildings on a 13.5-acre site with 297 surface parking spaces and 52 enclosed private parking garages.

Todd Stofflet
 PPI made significant upgrades and improvements to the units and on-site amenities. “We used our extensive rehab and renovation expertise to transform Deer Valley into a community with the modern amenities and sophistication its residents expect and demand,” said Gaffen.
  
 Renovations were made to many of the apartment units at the Deer Valley property. Upgrades include new dark wood cabinetry, stainless appliances, granite countertops, and new kitchen and bath faux wood vinyl flooring.

 On-site amenities also were upgraded, such as the fitness center and an outdoor pool with sundeck. A 2,500-square-foot clubhouse includes a business center, a great room with fireplace and bar area, and the leasing office. Other improvements include updates to landscaping and signage, all new building roofs, and completely renovated common area hallways.

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

Kathryn Kjarsgaard,
312-267 4528

 Kim Manning,
312-267-4527


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