ANN ARBOR, MICH., PALATINE, ILL., AND HOFFMAN ESTATES, ILL. — City Club Apartments (CCA) has sold three apartment properties in Illinois and Michigan for $125 million. The properties include Village Park of Ann Arbor, Village Park of Palatine and Village Park of Hoffman Estates in Illinois. The buyers were not disclosed.
Village Park of Ann Arbor consists of 520 units and is located adjacent to U.S. Route 23 near The University of Michigan. Village Park of Palatine consists of 448 units and is located in the northwest suburb of Chicago. The 221-unit Village of Hoffman Estates is also located northwest of Chicago.
These three communities no longer fit the vision of the company, which has shifted to developing and managing midrise, high-rise and historic mixed-use apartment and penthouse communities, according to CEO Jonathan Holtzman.
Prior to launching CCA in early 2016, Holtzman served as chairman, CEO and 50 percent owner of Village Green Holdings. CCA began transferring the management of its entire portfolio from Village Green to City Club management in June of this year.
With offices in Detroit, Chicago and Toronto, CCA has a portfolio of approximately 10,000 apartments in 30 communities, $2 billion in real estate assets and $500 million under development.
— Kristin Hiller