Berkadia Brokers Midwest Portfolio Sale
- May 04, 2018
A team of brokers from Berkadia’s Chicago office has represented the seller of a $41.5 million multifamily portfolio consisting of four communities in Illinois, Indiana and Wisconsin. Managing Directors Alex Blagojevich and Ralph DePasquale together with Directors Chris Bruzas and Parker Stewart coordinated the Tristate Portfolio deal, which involved two separate buyers.
“The portfolio offered a diverse grouping of assets and markets stretching along interstates 90 and 80 from Indiana to Wisconsin. Given the diversity, we had strong interest as a portfolio but also from numerous groups on the individual assets,” said DePasquale in a prepared statement.
The four properties are located within coveted areas, three of them being completed in the 1970s and one in the late 1980s. The first asset, Garden Quarter, is a 184-unit, 20-building community in Elgin, Ill. Completed in the early ’70s at 15 Longwood Place, it consists of a mix of one- and two-bedroom layouts and spans 11.2 acres.
Two properties are located in Indiana: one in Valparaiso and the other one in Chesterton. The Valparaiso asset, Arbor Crossing, was built in 1974 at 785 Juniper Road. It encompasses 138 units, the majority of which are two-bedroom layouts. The Chesterton community, Barrington Bridge, is located at 120 Abbey Lane near Lake Michigan and offers 100 units.
The last community part of the portfolio is Glacier Hills, a 123-unit, garden-style property in Madison, Wis., featuring a mix of studio, one- and two-bedroom layouts. The property was completed in 1989 and is located at 1202 McKenna Blvd., between Elver Park and the West Towne Mall area.
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