Foresite Realty Partners has announced the sale of Schaumburg Villas Apartments, a 300-unit apartment community located in Schaumburg.
Constructed in 1979, Schaumburg Villas is a garden-style community, comprised of a favorable mix of one, two and three bedroom apartments located in 20 three-story buildings and three two-story buildings situated on 30 acres. Schaumburg Villas is located in one of Chicago’s most desirable and historically highest performing submarkets.
The seller was a CMBS servicer, which acquired title as a result of a mortgage foreclosure. Due to its outstanding location and large open floor plans, the property’s offering generated a great deal of interest and numerous offers were received by Foresite Realty, which served as the seller’s exclusive broker. The sale price is undisclosed.
The buyer was a private investor that invests in value-add multi-family properties. The buyer will self-manage the property and plans a $3.5MM property-wide renovation.
Jamie Hadac, Donald Shapiro, Greg Nieder and Ryan Moore of Foresite Realty represented the seller in the transaction.