Skip to content
Homepage
  • Market
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Sector
    • CRE
    • Education
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Events
  • Real Estate Awards
  • Subscribe
  • Publications

Cushman & Wakefield brokers $9.6 million multifamily sale in Gurnee

January 28, 2020
Share on Facebook Share on Twitter Share on LinkedIn Share via email

Cushman & Wakefield’s Midwest multifamily advisory group brokered the $9.6 million sale of Carriage House Apartments, a 17-building, 136-unit workforce housing property located at 4344 McClure Avenue, in the northern Chicago suburb of Gurnee, Illinois.

Cushman & Wakefield’s Brad Smith, Jason Stevens and Todd Stofflet represented the seller, Steadfast Apartment REIT III, Inc., of Irvine, Calif., in the transaction, which closed at a six cap, making it one of the highest values for similar properties in the area constructed in the 1970s. The buyer was GP Property Management of Lake Geneva, Wisconsin.

Steadfast purchased the property in 2016, and completed upgrades to the one- and two-bedroom units including installation of new appliances, refinishing of countertops and redoing floors and carpeting. The new owners are planning additional improvements, including new cabinets and cosmetic enhancements across the overall complex. Upon the time of sale, the property had 97 percent tenant occupancy. The property is located just minutes from Gurnee Mills shopping and outlet mall and Six Flags Great America.

“Rent growth in Northeast Lake County has averaged three percent over the past 30 months and occupancies have hovered around 95 percent,” said Smith. “Combined with high barriers to entry for new construction in the area, this asset is poised for long-term growth and strong returns.”

Tags
Cushman & WakefieldGP Property ManagementGurneeIllinoismultifamilySteadfast Apartment REIT III
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
TexasOffice

JLL Capital Markets closes sale of 106,310-square-foot office building in Houston

July 18, 2025
WisconsinMultifamily

McShane Construction Company to build 76-unit affordable-housing development in Madison

July 18, 2025
TexasRetail

Adolfson & Peterson Construction to renovate former Oak Lawn Design Plaza in Dallas

July 18, 2025
IllinoisHealthcare

NAI Hiffman brokers long-term lease renewal for 174,855-square-foot medical office building in New Lenox

July 18, 2025

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Education
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Events
  • Office Locations
  • Advertise
  • Terms and Conditions
  • Contact
© 2025 REjournals.com