396-Unit Illinois Multifamily Portfolio Acquired by Strategic Properties

Posted on Feb 24 2016 - 9:49pm by Brandon De Hoyos
Chicago

Chicago

(GRAYSLAKE, ILL.)— A 396-unit multifamily complex between Chicago and Milwaukee has been acquired by Strategic Properties for an undisclosed amount.

SPNA says it plans to make $3 million in improvements to the Grays Pointe Apartments in Grayslake, according to REBusiness Online. 

The seller of the transaction was not disclosed.

SPNA enacted Section 15 of the Condo Act, which allows the group to dissolve the multifamily complex’s existing condominium association so it make apply the current apartment cap rate to the next operating income.