AMLI Sells St. Charles Apartment Development To Lowe Enterprises
Lowe Enterprises completed its second suburban multifamily acquisition of 2017 with the purchase of Ascend St. Charles, a 400-unit multifamily development, from AMLI Residential. Terms of the deal were not disclosed.
AMLI Residential built the garden-style development at 100 Lakeside Drive in 2000. It consists of 20 three-story buildings spread across 25 acres and a mix of one- and two-bedroom units.
Lowe Enterprises Managing Director Andy Sands said the firm will upgrade Ascend's apartment finishes, landscaping and indoor and outdoor common areas.
Lowe and an institutional investor in August acquired the Reserve at Glenview, a 239-unit apartment complex in Glenview, from Focus Development for $81M. Lowe's suburban portfolio includes the 612-unit Bourbon Square in Palatine and Fairways, a 210-unit development in Naperville.