Rockwell Buys Stonegate Apartments – 420 Units

December 2nd, 2013 by Rockwell Partners

Rockwell Partners has just closed on the purchase of Stonegate Apartments, a 420-unit apartment community in Glendale Heights, with financing provided by Berkeley Point Capital LLC.

Stonegate was originally developed in 1976 as a Multi-Family apartment complex.  A large portion was converted to condos in 2005, and the remaining 420 units are managed separately except for shared recreational facilities.

Total cost of the purchase was close to $27 million and was financed under the Freddie Mac CME program.  The loan was structured as a fixed-rate, 7-year term loan with 30-year amortization.

Rockwell and Berkeley will utilize an additional $2.0 million to fund property upgrades.

According to Doug Fisher, Principal of Rockwell Partners, “Stonegate helps satisfy a valuable housing need that is in high demand in its submarket.  Rockwell intends to continue to serve the existing tenant base while improving the property to enhance their living experience”.

For more information, see Brian J. Rogal’s article on the Stonegate deal on Globestreet.com.   Click here for the full article.