CHICAGO, IL - Northbrook, Illinois-based Prime Property Investors Co-CEOs Barbara J. Gaffen and Michael H. Zaransky announced the sale of The Arbors of Brookdale in Naperville, Illinois, a 281 Unit, full amenity Class A Garden Style Apartment Community. The gross sales price was $60.0 million equating to approximately $214,000 per unit. Prime purchased the property in December of 2009 for $32.0 million. The gross sales price was 187% of Prime's initial purchase price. The fully stabilized property was 100% occupied at closing.
The Arbors of Brookdale is a unique asset located in a highly desirable location within Naperville only 2 miles from the I-88 Corridor. Situated on 26 lushly landscaped acres, the community consists of thirty-five buildings, a clubhouse and 138 private garages. All 281 apartment homes are corner units with private direct entry doors. The clubhouse contains the leasing and management office, as well as indoor and outdoor pools, Jacuzzi, sauna, fitness center and business center. Additional amenities include two tennis courts and a children's Playground.
Gaffen stated, "The Arbors is a special property in the growing Naperville sub-market, with significant barriers to entry and a proven value add opportunity for a new buyer." Zaransky added, "This institutional quality asset acquisition opportunity attracted over 20 highly qualified offers in a competitive sales process."
PPI was represented by the Chicago-based Institutional Properties Multi Family Group at CBRE consisting of Executive Vice Presidents Dan Cohen and John Jaeger, and Senior Associate MJ Zaring.
Prime Property Investors (PPI) is a real estate investment firm with a national portfolio of Class A suburban garden style apartment communities and healthcare-medical office properties as well as student housing properties on major college campuses. Barbara J. Gaffen and Michael H. Zaransky, co-CEOs of PPI, co-founded the company in 1993.