Business

Cushman & Wakefield brokers $9.6M apartment sale

Posted January 29, 2020 12:00 am

GURNEE — Cushman & Wakefield's Midwest Multifamily Advisory Group recently brokered the $9.6 million sale of Carriage House Apartments in Gurnee.

The 17 building, 136 unit one- and two-bedroom workforce housing property I located at 4344 McClure Ave.

Steadfast Apartment REIT III of Irvine, Calif., purchased the property in 2016 and completed unit upgrades including installation of new appliances, refinishing of countertops, and redoing floors and carpeting. The new owners, GP Property Management of Lake Geneva, Wis., are planning additional improvements, including new cabinets and cosmetic enhancements across the overall complex. Upon the time of sale, the property had 97 percent tenant occupancy.

Cushman & Wakefield's Brad Smith, Jason Stevens and Todd Stofflet represented the Steadfast in the transaction, which closed at a six cap, making it one of the highest values for similar properties in the area constructed in the 1970s.

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