280-Unit Illinois Apartment Complex Sells for $39 Million

Naperville, Ill.–Phoenix-based multifamily sales and research firm Hendricks & Partners recently sold a 280-unit apartment community in Naperville, Ill. for $39,200,000.The Lincoln National Life Insurance Co. of Fort Wayne, Ind. sold Thornberry Woods to a fund managed by UBS of Hartford, Conn. Art Wadlund of the Tucson, Ariz. Hendricks & Partners office and Ralph DePasquale of the Chicago office negotiated the transaction on behalf of Lincoln.Constructed in 2002, Thornberry Woods consists of 14 two- and three-story buildings with 260,190 square feet of rentable living space.The complex’s one- and two-bedroom units feature kitchens with maple cabinets, modern bathrooms with laminate flooring, patios and balconies, walk-in closets, full-size washers and dryers and ceramic tile tub surrounds.Most units also have vaulted or nine-foot ceilings; select units contain gas fireplaces. Community amenities include a clubhouse with a leasing and business center, swimming pool, fitness center and an area with wireless Internet access.