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