The Davis Companies, on behalf of an affiliate, and Marquette Companies have sold The Apartments at Woodfield Crossing, a 662-unit apartment property in Rolling Meadows, to an institutional buyer for $57 million or approximately $86,000 per unit.
The sale comes three years after TDC acquired the non-performing first mortgage collateralized by the property. Subsequent to acquiring the note, TDC gained title to the property through a deed-in-lieu of foreclosure in January 2011. TDC partnered with Marquette Companies to bring professional management to the property.
TDC and Marquette were able to reposition and stabilize the property by bringing professional management, upgrading the tenancy and completing a $9 million capital improvement program. The property was 94 percent occupied at the time of sale.
“We acquired the note on this property in October 2010 and were able to negotiate a resolution to what at the time was a very troubled situation. We ultimately got control of the asset and worked with our partner, Marquette Companies, to turn around the property. I am very proud of our partnership’s hard work and the successful outcome,” said Jonathan Davis, CEO of The Davis Companies.