Berger sells land to home developer
HAWTHORN WOODS -- Berger Asset Management recently sold a 20-acre land parcel in Hawthorn Woods to K. Hovnanian, a national homebuilder based in Dallas.
Terms of the sale were not announced.
K. Hovnanian plans to build approximately 70 homes on the property, near the northwest corner of Old McHenry and Midlothian roads Hawthorn Woods. The village has backed the plan, the company said.
Berger Asset Management, a Chicago-based real estate investment and management firm, originally acquired the land approximately 10 years ago. At about the same time, the firm acquired a second parcel totaling 21.8 acres across the street. Both parcels were part of a distressed property acquisition made by the firm.
Brian Buckingham of CBRE represented Berger Asset Management and the buyer in the transaction. He is also marketing for sale Berger Asset Management's adjacent land parcel.