Berkadia brokered the sale of The Arbors, a 254-unit, garden-style multifamily property in Rockford, Illinois.
Managing director Ralph DePasquale of Berkadia Chicago led the transaction on behalf of the seller, Illinois-based Axiom Properties.
The Arbors sold to Illinois-based Becovic Holdings Corporation on March 31. The property was 98% occupied at the time of the sale.
Located at 3936 Eagle Drive along Riverside Drive in northwest Rockford, the property affords convenient access to shopping and public/private transportation. The Arbors was built between 1966 and 1981 and features a mix of one- and two-bedroom units with uncommon amenities for a property of this age including a fitness room, business center, small community room, and a secured, digital package room.
