PPI BUYS 224-UNIT APT COMMUNITY IN ILL.

LAKE BLUFF, ILL. — Northbrook, Ill.-based Prime Property Investors has purchased Deer Valley Apartments, a 224-unit multifamily community located in Northbrook, from San Francisco-based Stockbridge Capital group for an undisclosed amount. Situated on 13.5 acres, the Class A, garden-style community consists of 13 buildings, 52 enclosed parking garages, and a recently renovated clubhouse containing a fitness center and a swimming pool with a sun deck. The unit mix is 120 one-bedroom units and 104 two-bedroom units. Occupancy was 98 percent at the time of closing. The acquisition price was not released.