May 7, 2018
The Tristate Portfolio, a 545-unit, four-property portfolio of conventional multifamily communities located in Illinois, Indiana and Wisconsin, has traded hands for $41.5 million.
The properties included:
– Garden Quarter, a 184-unit, garden-style apartment community built in 1972, located in Elgin, IL 40 miles northwest of Chicago
– Glacier Hills, a 123-unit, garden-style apartment community built in 1989 and located in Madison, WI
– Arbor Crossing, a 138-unit, garden-style apartment and townhome community built in 1974 and located in Valparaiso, IN (pictured)
– Barrington Bridge, a 100-unit, two-story apartment community located near Lake Michigan in Chesterton, IN
Berkadia’s Alex Blagojevich, Ralph DePasquale, Chris Bruzas and Parker Stewart represented the seller.
“The portfolio offered a diverse grouping of assets and markets stretching along I-90/I-80 from Indiana to Wisconsin. Given the diversity, we had strong interest as a portfolio but also from numerous groups on the individual assets,” said DePasquale.