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Greystone Closes Value-Add Sale of Crystal Lake Multifamily
Greystone Real Estate Advisors has closed the $16-million sale of the 235-unit Darlington Court Apartments in Crystal Lake, IL. The firm’s Bill Montana and Chris Sackley arranged the transaction on behalf of Darlington Properties LLC.
Twenty-six of the 235 units are privately-owned condominiums. An effort to convert the entire community into condos was initiated during the Great Recession, but never completed, leaving 209 units as rentals.
The undisclosed buyer will ultimately revert the circa-1970s property back to an all-rental format, and will also renovate interior units and common areas, enhancing the residential community immensely for current and future tenants.
“Despite the challenges, including existing debt encumbering the property, this asset provided the perfect value-add opportunity,” said Montana. “We were confident that the property would attract a lot of interest from buyers due to its location in a desirable community and its existing high occupancy.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

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