According to David Patzelt, president of Shodeen Group, the firm wanted to capitalize on increased property values, brought about by the formidable apartment market, with rising rents and high occupancies.
In 2012, 41 apartment buildings were sold for a combined $1.039 billion, which is the second-highest annual total ever recorded, according to real estate firm CBRE. The record, $1.063 billion, was set in 2006 during the height of the real estate boom.
“These numbers are just the latest indication of how attractive the apartment market has become to investors of all types. With the way the economic recovery has been playing out in other commercial real estate sectors, apartments are likely to remain a shining star for a while longer,” added Patzelt.
The sale will also allow Shodeen to focus on developing and building several new luxury apartment properties; namely the Mill Creek Village Center where there is currently a waiting list. In addition, Shodeen will continue developing and building more luxury apartments in other west suburban communities such as Aurora, Elgin, and DeKalb where several projects are in the pipeline. The new luxury apartment products being developed by Shodeen Group include such amenities as granite countertops, stainless steel appliances, security entry systems and heated underground parking.