OAK BROOK -- Inland Real Estate Brokerage & Auctions, Inc. announced the sale of Stonegate Apartments, a 420-unit multifamily investment property on Gregory Avenue and Glen Ellyn Road in Glendale Heights, for $26.65 million.
Paul Montes, executive broker associate, and Eric Spiess, senior broker associate, of Inland Brokerage & Auctions, represented the seller, Inland Midwest Development Corporation in the sale.
"Multiple offers were received as investors and operators recognized, from the beginning, Stonegate's attractive cash flow, stabilized occupancy and value-add potential as a future condo conversion," said Montes. "The buyer is a local operator who plans to enhance value through interior capital improvements and management economies.
"Paul and Eric also developed the buyer for this property," said Paul Rogers, president of Inland Brokerage & Auctions. "Institutional sellers turn to us for results because we find the buyers."