MetLife, Partners Sell Two Illinois Apartments
Crest Hill, Ill.—Woodlands of Crest Hill, a 730-unit apartment property in Crest Hill, Ill., and the Fountains at Stone Crest, a 400-unit apartment in Westmont, Ill., have traded hands. The seller was a joint venture between MetLife, Redwood Capital and Westdale Asset Management; the buyer was undisclosed.
The Woodlands of Crest Hill is just north of Joliet and about 44 miles southwest of downtown Chicago. Located more than on 26 acres, the property includes a mixture of studio and one- and two-bedroom units averaging 649 square feet each. The garden-style property has undergone kitchen and bath renovations as well as other property upgrades in recent years. Community amenities include a fitness center, clubhouse, swimming pool with sundeck, playground, sand volleyball court and jogging trails.
The Fountains at Stone Crest is about 26 miles southwest of downtown Chicago in DuPage County. The property was completed in two phases in 1966 and 1975, and has one- and two-bedroom units averaging 971 square feet each. Community amenities include a 5,300-square-foot clubhouse with a business center, fitness center and indoor racquetball court as well as a swimming pool with sundeck, playground and picnic area.
HFF managing directors Sean Fogarty and Marty O’Connell and executive managing director Matthew Lawton marketed the properties on behalf of the seller. MetLife oversees a real estate portfolio of more than $60 billion, which is one of the largest in the U.S.
Redwood Capital Group specializes in the acquisition and asset management of multifamily properties. It was formed in 2007 and currently owns nearly 9,000 apartment units nationwide.
Westdale Asset Management, which is part of Westdale Real Estate Investment & Management, provides property management services for 180 properties with over 47,000 individual units for rent.