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Steadfast Trades Workforce Housing in Gurnee
Cushman & Wakefield’s Midwest multifamily advisory group brokered the $9.6-million sale of Carriage House Apartments, a 17-building, 136-unit workforce housing property in the northern Chicago suburb of Gurnee, IL.
The firm’s Brad Smith, Jason Stevens and Todd Stofflet represented the seller, Steadfast Apartment REIT III Inc. of Irvine, CA. The buyer was GP Property Management of Lake Geneva, WI.
Steadfast purchased the property in 2016, and completed unit upgrades. The new owners are planning additional improvements to the property, which was 97% occupied at the time of sale.
“Rent growth in Northeast Lake County has averaged 3% over the past 30 months and occupancies have hovered around 95%,” said Smith. “Combined with high barriers to entry for new construction in the area, this asset is poised for long term growth and strong returns.”
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- ◦Sale/Acquisition
