Rockwell Partners, a Chicago-based real estate investment and property management firm, announced the completion of the third and final phase of their five-year effort to reassemble the 1,156-unit residential community formerly known as Stonegate Apartments and Condominiums located in Glendale Heights, Illinois, approximately 30 miles west of Chicago.
The third phase consisted of the $28.3 million acquisition of 429 condominiums from individual owners at the property. Rockwell’s initial investment in the community originated with their purchase of 420 units from the developer, a division of Inland, in 2013 and later the acquisition of 307 unsold condominium units in 2017. The three deals combined total a $68.7 million acquisition price and is believed to be one of the largest condominium deconversion projects in the Chicagoland region, if not the nation.
“The re-assemblage of Stonegate Apartments and Condominiums has been five years in the making and a monumental team effort,” said Ted Thilman, a principal of Rockwell Partners. “We were fortunate to be in a position to not only provide an exit opportunity to many individual owners who suffered financially due to the economic downturn, but also to reconstitute and breathe new life into a financially destitute but otherwise vital residential community.”
