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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

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.”


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition
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