Buffalo Grove Apartment Complex Sells for $48 Million

A 236-unit Buffalo Grove apartment complex sold for $48 million in recent weeks, demonstrating a continued high demand for rental properties in Lake County and the suburbs, Crain’s Chicago Business reports.

Mesirow Financial bought the Apartments at Windbrooke Crossing in 2011 for $34.25, renovated the property, which included 19 two-story buildings and a clubhouse, before selling it in mid-December to Philadelphia-based Resource Real Estate, according to Crain’s. The apartment complex is located on 17 acres at 1160 Windbrooke Drive.

The occupancy rate for rentals in suburban Chicago is at 97 percent, according to Moran & Company, the listing agent for the Apartments at Windbrooke Crossing.

And only 96 new apartments units have been added per year in Lake County, which amounted to just over 2,000 new units between 1996 and 2016, according to Moran & Company.

Meanwhile, Lake Co. has seen its population grow by 58,000 people since 2000.

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