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Marquette/Heitman JV Exits Naperville Apt. Hold
CBRE recently represented a joint venture between the Marquette Companies and an affiliate of Heitman in the sale of River Run at Naperville Apartments, a 206-unit multifamily property in Naperville, IL. Dan Cohen and John Jaeger of CBRE represented the JV in the sale to Bridge Capital Partners and Friedkin Property Group.
Financial terms weren’t disclosed. The Marquette/Heitman JV reportedly paid about $48 million to acquire River Run in late 2016, amid a record year for multifamily deals in the region.
River Run is an 11-building property, consisting of one-bedroom, two-bedroom and three-bedroom units. It was built in 2003, and 102 units have undergone renovations in the past 24 months.
“This is an amazing property in one of Chicago’s most popular suburbs,” said Cohen. “With the recent investments from the seller, this property will compete with new product and offer a high-end, luxury experience.”
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- ◦Sale/Acquisition

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