Multifamily N Illinois

CBRE negotiates sale of 364-unit SkyRidge Club Apartments in Crystal Lake

CBRE negotiates sale of 364-unit SkyRidge Club Apartments in Crystal Lake,ph1

CBRE recently represented Strategic Sky Ridge LLC in the sale of Skyridge Club Apartments, a 364-unit multifamily property at 1395 Skyridge Drive in Crystal Lake, Illinois to Chern Skyridge LLC. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented Strategic Sky Ridge, an affiliate of Strategic Properties of North America with offices in Chicago and Lakewood, New Jersey.

Skyridge Club Apartments is a luxury garden-style apartment community in Chicago’s northwest suburbs. The property offers a mix of one-bedroom and two-bedroom units, for an average square foot size of 930 square feet. Originally built in 1988, the property added a second phase in 2000. Since 2017, 30 percent of the units have received premium upgrades, including granite countertops and stainless steel appliances. The property is currently 96 percent occupied. The community amenities include basketball and tennis courts, a heated pool, fitness center and clubhouse. The property includes 600 parking spaces.

“This is an amazing property in one of Chicago’s most difficult suburbs to add new supply, resulting in continued pent up demand and strong rent growth,” said Jaeger, executive vice president with CBRE. “With the recent investments from the seller, this property will compete with new product and offer a high-end, luxury experience.”