TLC Buys Schaumburg Multifamily Complex For $43M
Another week, another group of suburban apartments sells for an eye-popping price. A JV led by Stadt Group sold Woodbury Place Apartments, a 300-unit apartment complex in Schaumburg, to TLC for $43M.
Stadt, Palatine Capital Partners and Vera Holdings bought the property for $19M in 2012, according to Crain's, and spent an additional $7M in capital improvements, including new plumbing, interiors and electrical systems.
And there's still work to do. TLC wants to bring the property up to Class-B status and plans to spend $1M on amenities and landscaping improvements. The ROI for the JV is one of Stadt's largest investment returns. [Crain's]