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SCHAUMBURG, ILL.—Schaumburg Villas Apartments, a 300-unit apartment community in Schaumburg, has been sold to a private investor for an undisclosed sale price. The seller was a CMBS servicer, which acquired the title as a result of a mortgage foreclosure.
Jamie Hadac, Donald Shapiro, Greg Nieder and Ryan Moore of Foresite Realty Partners represented the seller in the transaction.
The buyer will self-manage the property and plans a $3.5 million, property-wide renovation.
Built in 1979, Schaumburg Villas is a garden-style community comprised of a mix of one-, two- and three-bedroom apartments located in 20 three-story buildings and three two-story buildings situated on 30 acres.
