Westmont apartment complex trades
F&F Realty bought a Westmont apartment complex for $79 million. The Skokie-based firm’s purchase of the 399-unit Twin Lake Towers at 200 West 60th Street from Denver-based Aimco is the second-biggest suburban apartment deal of the year. F&F financed the deal with a $59.6 million loan from PNC Bank. The $100 million sale of Lakeside Apartments in Lisle is still the top suburban multifamily deal of 2019. CBRE brokered the Twin Lake sale. [Crain’s]
Burke scandal leads mayor to propose ethics reforms
Mayor Lori Lightfoot proposed a package of ethics reforms that include a ban on outside employment for aldermen that could pose a conflict of interest. The proposal comes in the wake of Alderman Ed Burke’s indictment on charges he shook down developers for work for his property tax law firm. Lightfoot said she plans to propose reforms of the city zoning process in the coming months, including code changes to help legalize coach houses and garden apartments. [Curbed]
New townhomes coming to Barrington
ML Capital is developing a new townhome complex in Barrington, according to an @properties press release. The 16-unit Roslyn Meadows development at Roslyn Road and Cumnor Avenue will feature three-bedroom, 2½-bath units of more than 2,000 square feet. Prices will range from $470,000 to $570,000. Tara Kelleher of @properties is marketing the units.
McClurg Court hits the market in Streeterville
The second-largest apartment complex in Downtown is on the market. The manager of the Multi-Employer Property Trust hired Chicago brokerage Moran to sell the 1,061-unit McClurg Court at 333 East Ontario Street in Streeterville. The complex, which has two 45-story towers and about 43,000 square feet of commercial space, is being offered without an asking price. The sale would not include the land. [Crain’s]