Inland Real Estate Brokerage & Auctions Inc. has completed the sale of Stonegate Apartments, a 420-unit multifamily investment property located on Gregory Avenue and Glen Ellyn Road in Glendale Heights for $26.7 million.
Paul Montes, executive broker associate, and Eric Spiess, senior broker associate, of Inland Brokerage & Auctions, represented the seller, Inland Midwest Development Corporation in the sale.
“Multiple offers were received as investors and operators recognized, from the beginning, Stonegate’s attractive cash flow, stabilized occupancy and value-add potential as a future condo conversion,” Montes said. “The buyer is a local operator who plans to enhance value through interior capital improvements and management economies.”
Located in DuPage County, the complex consists of 11 three-story buildings with on-site laundry facilities, amenities and ample parking. The property offers a mix of one bedroom/one bath and two bedroom/one bath units, most featuring either a balcony or patio.
