May
10

Avalon Arlington Heights Sold for $87 Million

May 10, 2012
Avalon Arlington Heights

Photo from AvalonCommunities.com

The Chicago suburb of Arlington Heights has seen a spike in investors purchasing apartment complexes this spring.

First, Henderson Global Investors Inc. bought the Dunton Tower in Arlington Heights for $40 million. Now comes news that John Hancock Realty Advisors Inc. have purchased the Avalon Arlington Heights apartment complex from AvalonBay Communities Inc.

The Avalon Arlington Heights, a 409-unit complex located in downtown Arlington Heights was bought by  John Hancock Realty Advisors Inc. for $87 million, making it the among the  largest apartment deals since 2008.

With the economy and the housing industry still trying to turn the page on the downward spiral of events that occurred over the past few years, suburban apartments have been a consistent source of investor’s attention and pocketbooks with rents and occupancy expected to rise over for the foreseeable future. Suburbs offer quality neighborhoods, sought-after school districts and convenient access to Chicago via highways and trains.

The Avalon Arlington Heights, which opened in 1988, is located at 200 North Arlington Heights Road and sits on 2.6 acres of land. According to Chicago-based broker Moran and Co., the Avalon consists of an 11-story building featuring 262 apartments and a 7-story building featuring 147 apartments. Currently the complex has a 96 percent occupancy. Standout characteristics of the Avalon Arlington Heights are the 40,288 sq. ft. of street level retail, attached garage parking and quality amenity package.

As reported on Chicagoland Real Estate Forum previously, rent is the new buzz word in the industry and John Hancock Realty Advisors Inc.’s purchase of the Avalon Arlington Heights is sure to be a sound investment.

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Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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