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Waukegan apartments sell for $42 million

The sale highlights the strength of the suburban Chicago apartment market, which has lifted rents and property values over the past several years.

 

A Colorado apartment investor paid $42 million for a multifamily property in Waukegan, allowing the seller to cash out for a sizable gain.

Monarch Investment & Management Group acquired Reserve at Eagle Ridge, a 370-unit property at 1947 W. Eagle Ridge Drive, according to its website and real estate data provider CoStar Group. Monarch bought the complex from Independence Realty Trust, a Philadelphia-based real estate investment trust.

The sale highlights the strength of the suburban Chicago apartment market, which has lifted rents and property values over the past several years. Lake County records show that Independence paid $28.5 million for the Reserve at Eagle Ridge in February 2014. In a first-quarter earnings report released yesterday, Independence said it expects to record a $12.5 million gain on the sale.

Monarch manages more than 52,000 apartments in 21 states, according to its website. In the Chicago area, the firm’s only properties are in Waukegan, where it now owns nearly 1,100 apartments, including the 363-unit Northgate Apartments. The firm also owns the Monarch Ski & Snowboard Area in Colorado.

 

Source: Crain’s Chicago Business Abby Galun May 02, 2019 11:53 AM