May
17

Prime Property Investors Puts Deer Valley Up For Sale

May 17, 2012

Deer Valley Apartments PhotoNorthbrook-based Prime Property Investors has put the Deer Valley Luxury Apartment Homes up for sale. The rental apartment complex located in the highly coveted North Shore suburb of Lake Bluff is expected to sell for $33 million.

Featuring 224-units broken up between 13 buildings of 120 one-bedroom units and 104 two-bedroom units, Deer Valley Luxury Apartment Homes offers an assortment of amenities to its occupants including an outdoor pool and deck, 24 hour fitness center, clubhouse and business center and conveniently located walking and jogging paths.

Built in 1991 by Lake Forest-based Residential Homes of America, Deer Valley was purchased by Prime Property Investors in 2011 for $21.9 million.

“We saw great potential in this property as a high-performing asset and used our extensive rehab and renovation expertise to transform it into a community with the modern amenities and sophistication its residents expect and demand,” said Barbara J. Gaffen, co-CEO of Prime Property Investors. ” The property is a rarely available and highly-sought after North Shore garden-style apartment community. It is ideally located along a major job corridor in the north suburbs, which provides a steady stream of quality tenants.”

Due to the current high demand by investors for quality apartment communities with solid and steady cash flows, Prime Property Investors decided that now was the ideal time to offer the community for sale.

“Many comparable properties brought to market have existing mortgage debt at higher interest rates that must be assumed by the buyer and maintained as part of the transaction,” said Gaffen. “Deer Valley has no existing debt assumption requirement, making it an especially attractive investment. Plus, when we first took over, rent rolls were $215,000 per month, and in less than a year they now exceed $250,000. We put our best practices and expertise to work on this community, and it’s truly an example of what we can do for a property to enhance profitability quickly.”

Prime Property Investors will receive a 2012 Good Neighbor Award from the Chicago Association of Realtors (CAR) on May 24 for its work in renovating and improving Deer Valley Luxury Apartment Homes.

“These awards honor rehab projects that increase a neighborhood’s economic vibrancy and community pride, so we’re thrilled our communities were singled out for this honor,” said Gaffen.


About The Author

Read All Stories By Mitch Levinson

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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