The Real Deal Chicago

Azure Partners picks up 288-unit Wheeling resi for $72M

The buyer also owns a 336-unit property in nearby Vernon Hills
April 27, 2018 04:00PM

200 Hudson Court in Wheeling (Credit: Google Earth)

Azure Partners made its second apartment building buy in the Chicago suburbs.

New York-based Azure paid $72 million for the 300-unit Northgate Crossing complex at 200 Hudson Court in Wheeling, Cook County records show.

Azure’s Bryant Ferber said the property includes 288 apartments and 12 townhouse-style units.

The seller is listed as Chicago-based Kinzie Builders, a subsidiary of Reva Development Partners, which built the property in 2016.

Records also show that Azure secured a $52.5 million mortgage from New York Life Insurance Company.

The firm also owns The Oaks of Vernon Hills, a 336-unit property about five miles north of Northgate Crossing, which it picked up for $94 million in late 2017, according to Crain’s.

Calls to Kinzie were not immediately returned.