Cushman & Wakefield Arranges $9.6M Sale of Workforce Housing Asset in Gurnee, Illinois

GURNEE, ILL. — Cushman & Wakefield’s Midwest Multifamily Advisory Group has arranged the $9.6 million sale of Carriage House Apartments in Gurnee, about 40 miles north of Chicago. Constructed in the 1970s, the 17-building, 136-unit workforce housing property is located at 4344 McClure Ave. Brad Smith, Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, California-based Steadfast Apartment REIT III Inc. Wisconsin-based GP Property Management purchased the asset. Steadfast had acquired the property in 2016 and completed unit upgrades. The new owners are planning additional improvements. At the time of sale, the property was 97 percent occupied. Workforce housing refers to housing that is affordable to households earning 60 to 120 percent of the area median income, according to the Urban Land Institute. It’s often utilized for public employees, such as teachers, police officers and firefighters.