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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