CHICAGO, IL – HFF
announced today that it has closed the sale of Tanglewood Apartments, an
838-unit, garden-style multi-housing community in Arlington Heights, Illinois.
HFF marketed the property on
behalf of the seller, Principal Real Estate Investors. JRK Property Holdings purchased the offering
for an undisclosed amount.
Tanglewood Apartments is
located at South Goebbert Road and East Algonquin Road (Route 62) just off the
Jane Addams Memorial Tollway (Interstate 90) and approximately 25 miles
northwest of Chicago’s central business district.
The community is 97
percent leased and includes one-, two- and three-bedroom units averaging 731
square feet each. Community amenities
include a clubhouse, 24-hour fitness center, two swimming pools, two sundecks,
playground, volleyball court, pet stations and gazebo.
 |
| Sean Fogarty |
The HFF investment sales team
representing the seller was led by managing directors Sean Fogarty and Marty
O’Connell, associate director Wick Kirby and executive managing
director Matthew Lawton.
Principal Real Estate
Investors manages or sub advises $52.6 billion in commercial real estate
assets. The firm’s real estate
capabilities include both public and private equity and debt investment
alternatives.
Principal Real
Estate Investors is the dedicated real estate group of Principal Global
Investors, a diversified asset management organization and a member of the
Principal Financial Group®.
Since its founding in 1991,
JRK Property Holdings has amassed a commercial portfolio throughout the United
States valued in excess of $6 billion, and consisting of more than 55,000
multifamily units, luxury and flagged hotels, and more than two million square
feet of office, industrial, and storage properties. As of 2014, JRK is the 15th largest owner of apartment properties
in the country.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway
Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 |
fax 713.527.8725 | www.hfflp.com
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