GENEVA, IL—An affiliate of Radcohas purchased the 226-unit Brittany Court Apartments here from Shodeen Inc. for $27.8 million.
Shodeen, based here, build theand managed it since 1989. The property, which is 95 percent occupied, contains an on-site fitness center, meeting room and swimming pool.
David Patzelt, president of Shodeen, says in a statement that the firm wanted to capitalize on increased property values, brought about by the formidable apartment market, with rising rents and high occupancies. “These numbers are just the latest indication of how attractive the apartment market has become to investors of all types,” he says. “With the way the economic recovery has been playing out in other commercial real estate sectors, apartments are likely to remain a shining star for a while longer.”
He says Shodeen will now focus on developing and building several new luxury apartment properties; namely the Mill Creek Village Center. In addition, Shodeen will continue developing and building more apartments in other west suburban communities such as Aurora, Elgin, and DeKalb where several projects are in the pipeline.