CBRE’s John Jaeger and Dan Cohen represented Shodeen Inc. in the two-property portfolio sale of Brittany and Covington Court Apartments, located in the communities of Geneva and St. Charles, respectively.
Totaling 434 units, both assets had been built in the late 1980s early 1990s. The buyer was Atlanta-based Radco, which is planning a renovation of the properties including the clubhouse/amenities and unit interiors.
“Both assets had tremendous demand from ‘value-add’ investors who are continually looking for well-located and built assets that could use a re-positioning and benefit from renters wanting and paying for higher-end finishes as they rent longer and forego home purchasing,” Jaeger said.
Radco closed on Brittany Court in February 2013 and Covington Court in June 2013 for a total consideration of $47.1 million or $108,500 per unit. Brittany was purchased free and clear of debt while the buyer assumed an existing HUD loan on Covington Court.
