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”.