Berkadia’s Chicago Office Completes Trio of Apartment Sales
Berkadia recently completed $43.2-million in combined sales of three multifamily properties, including Wing Park Apartments, Parkside Apartments and Stone Ridge Square. Managing director Ralph DePasquale of Berkadia’s Chicago office led the sales team on behalf of their respective sellers.
“The sale of these assets demonstrates continued strong investor demand for Illinois properties,” said DePasquale. “We have sold thousands of units throughout the state over the last 36 months or so.”
Wing Park Apartments is a 184-unit garden-style multifamily property located at 6 Tivoli Place in Elgin, IL. The seller was a joint-venture between Trevian Capital and Crown Properties Inc., both based in New York. The buyer was Illinois-based Cunat, Inc.
Urbana Two Portfolio is comprised of 304-units across two properties, Parkside and Stone Ridge Square, located within a quarter mile of each other in Urbana, IL. The seller was Illinois-based BWCU, LLC, and the buyer was Loop Investments.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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