American Realty Advisors has sold a Class A, 368-unit multi-family apartment community in the Chicago submarket of Aurora, Illinois. The property was purchased by The Connor Group for an undisclosed amount.
Martha Shelley, portfolio manager at American Realty Advisors, said that the asset’s location in close proximity to schools, retail and strong employment hubs in the medical and education fields helped to attract investor interest for the asset.
“By upgrading the asset, we were able to increase the value of the property for our investors, while also increasing our ability to compete with newer luxury product in the market,” she added.
At the time of the sale, the 368-unit apartment community was 96% occupied.
The apartment community is located at 1840 Clubhouse Drive in Aurora, Illinois. American Realty Advisors was represented by Susan Lawson and Debbie Corson of ARA Newmark.
