Azure Partners picks up 288-unit Wheeling resi for $72M
The buyer also owns a 336-unit property in nearby Vernon Hills
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.