CHICAGO, IL - Rockwell Property Co., a leading Chicago-based real estate investment firm, announced the sale of Ellyn Crossing Apartments, a 1,155-unit residential community formerly known as Stonegate Apartments and Condominiums located in Glendale Heights, Illinois, for $137 million.
The transaction is noteworthy for several reasons. First, it is believed to be the largest Chicago suburban apartment sale based on number of units and sale price. Second, it is also one of, if not the most sizable condominium deconversions in the United States. Third, and most significantly, Rockwell acquired a property in disarray financially, operationally, and physically, and breathed new life into the community. During their tenure of ownership, Rockwell acquired all of the condominiums, paying off the mortgages for many individuals unable to do so, addressed years of deferred maintenance, and significantly improved the overall operations of the property.
Rockwell’s involvement with the property dates back to 2013 and includes the purchase of the entire community in three stages over five years, substantial investment in capital improvements and the takeover and control of property management.
Rockwell’s initial investment in the community originated in 2013 with their purchase of 420 units from the developer, a division of Inland, followed by the acquisition of 306 unsold condominium units in 2017. The third phase in 2018 consisted of the acquisition of 429 condominiums from individual owners. The final phase provided an exit opportunity to many individual owners who suffered financially due to the economic downturn that occurred during the Great Recession.
“Ellyn Crossing was a massive assemblage that required a monumental effort and is a turnaround story eight years in the making of an important residential community in need of quality, affordable housing,” said Jason Fishleder, a principal of Rockwell .
According to Fishleder, the buyer plans to invest additional needed capital into the community. Ellyn Crossing is currently 96% percent occupied.
Rockwell Property Co. is a full-service real estate investment firm founded in 2009. Rockwell concentrates on the redevelopment and ownership of multi-family properties nationally. The company owns and operates over 3,000 units Visit www.RockwellProperty.com for more information.