Business

Inland sells Palatine's Long Valley Apartments

Posted August 03, 2016 1:00 am

PALATINE - Inland Real Estate Brokerage & Consulting said it has sold a portfolio of apartment buildings, totaling 102 units, located within the Long Valley Apartment complex in Palatine.

Paul L. Rogers, president of Oak Brook-based Inland Brokerage and Consulting, said the property was sold to multiple owners for more than $80,00 a unit, which brings the total estimated price to more than $8.2 million.

The portfolio consists of 17 six-flat buildings and a controlling interest in the Long Valley Apartment association. The buildings provide a mix of 80 percent two-bedroom units and 20 percent one-bedroom units that are landlord heated.

"The sale and assembly of multiple owners took 11 months to develop, market and close, but the effort was well worth it, delivering pricing above $80,000 per unit for these 1970s vintage buildings," Rogers said. "We are pleased to have been selected for this assignment on behalf of our clients, all long-term owners in the complex."

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