Newmark facilitated the sale of Ashford at Geneva, a 226-unit multifamily community in Geneva, Illinois.
Newmark Senior Managing Directors Susan Lawson, Liz Gagliardi and Chuck Johanns represented the seller, an investment entity controlled by Oak Residential Partners, in the sale to the buyer, an affiliate of Equus Capital Partners, Ltd. The property was approximately 97% occupied at the time of sale.
Following the acquisition, new ownership plans to implement a capital improvement program focused on apartment interiors, common areas and select exterior enhancements.
Ashford at Geneva features one- and two-bedroom apartments averaging 962 square feet. Each residence includes an in-home washer and dryer and a private patio or balcony. Community amenities include a resort-style swimming pool, outdoor grilling lounge, clubhouse, fully equipped fitness center and business center. The pet-friendly community also offers on-site management and maintenance, valet trash service and private garage options.