Cushman & Wakefield‘s Bill Montana, Senior Director of Capital Markets and Chris Sackley, Director of Capital Markets for C&W’s Midwest Multifamily Advisory Group completed the sale of Timberlake Apartments, a 222 unit property located at 1450 Busse Road in Mount Prospect, Illinois. Montana and Sackley represented a private partnership.
The value add property consists of 16 buildings on a 12.8 acre campus with a rentable area of 169,538 square feet. Timberlake was 97% occupied at the time of the sale and consists of a unit mix of one- and two-bedroom apartment homes.
The transaction closed in August of 2014 for a price of $16,250,000 and was sold to an out-of-state investor who is focused on increasing their presence in Suburban Chicago.
