Greystone Real Estate Advisors has closed the $16 million sale of Darlington Court Apartments, a multifamily property in Crystal Lake, Illinois. Bill Montana and Chris Sackley facilitated the transaction on behalf of Darlington Properties, LLC.
Located 45 miles northwest of Chicago, Darlington Court Apartments features 235 units, of which 26 are privately-owned condominiums. An effort to convert the entire community into condos was initiated amidst the Great Recession, but never completed, leaving 209 units as rentals. The buyer will ultimately revert the 1970s vintage property back to rental apartments, and also renovate interior units and common areas, enhancing the residential community immensely for current and future tenants.
“Despite the challenges, including existing debt encumbering the property, this asset provided the perfect value-add opportunity,” said Montana, managing director at Greystone. “We were confident that the property would attract a lot of interest from buyers due to its location in a desirable community and its existing high-occupancy. With the planned renovations, the appeal of this community will only grow, benefiting both the residents and owner.”