Palatine apartment complex sells for $41.5 million

A 276-unit apartment complex in Palatine was purchased by a Michigan company for $41,5 million last week, an official confirmed Tuesday.

Clover Ridge East Apartments, just south of Rand Road at 1445 E. Evergreen Drive, is now owned by the Southfield, Michigan-based Hayman Co.

Sherry Yeager, the director of finance for Hayman, said the purchase should not make much of a difference for the residents living at the complex.

"It will just be a new landlord," Yeager said. "Nothing will change other than we will be doing minor upgrades."

Clover Ridge offers both one-bedroom and two-bedroom units with prices that range between $1,200 and $1,350 per month. According to their website, cloverridgeeastapartments.com, just 12 out of 276 units are not being rented.