Greystone Real Estate Advisors closed the $13.4 million sale of Pine Hill Apartments, a multifamily property in Wheeling, IL. Bill Montana and Chris Sackley facilitated the transaction on behalf of the seller.
Located 30 miles northwest of Chicago, Pine Hill was originally developed in 1979 as 264 apartment homes, and converted to condominiums in 2006, when 117 of the units were sold as condominiums. The transaction involved the sale of the remaining 147 rental apartments. The buyer will ultimately revert the property back to solely rental units, and also renovate interiors and the common areas, enhancing the residential community immensely for current and future tenants.
“The unit mix and on-site amenities offered at the property provide the perfect value-add opportunity,” said Mr. Sackley, Managing Director at Greystone Real Estate Advisors. “We were confident that the property would attract a great deal of interest from buyers due to its location in a desirable community and its existing high-occupancy. With the new renovations, the appeal of this community will only grow.”