Strategic buys Wheaton apartments for $50 million

Strategic Properties of North America, which has offices in New Jersey and Chicago, bought Briarbrook apartments in Wheaton from Redwood Capital Group for about $50 million.

The company plans to spend an additional $1.2 million for upgrades.

The deal closed earlier this month for the apartment complex at 1147 Briarbrook Drive, which has 342 units. The apartments are expected to start being updated within the next three months with new granite counters and stainless steel appliances along with remodeled hallways. The property also will feature a new dog park and updated club house, among other upgrades, said Yitzy Klor, strategic chief operating officer, who is also a partner in the firm.

"We like the Wheaton area because it has a very strong tenant base. Many are long-term tenants," Klor said.

Strategic Partners has several other apartment complexes nationwide, including in Lakemoor, Grayslake and Evanston. The firm is also looking to acquire additional apartments in the suburbs, Klor said.