SPERRY VAN NESS BROKERS TWO ILLINOIS APARTMENT SALES TOTALING $10.5 MILLION

ROCKFORD AND SPRINGFIELD, ILL. — The Chicago office of Irvine, Calif.-based Sperry Van Ness has brokered the $10.5 million sale of two multifamily communities in Illinois. An out-of-state investor — in conjunction with two Illinois limited liability companies — has acquired the Briargate Apartments located at 5411 E. State St. in Rockford. The $8.3 million property, which contains 144 two-bedroom apartments, was acquired in a 1031 exchange transaction. Jim Sears, Dennis Arndt and Reid Bennett of Sperry Van Ness represented both parties in the transaction.
Additionally, a local investor has acquired the St. Nicholas Apartments located at 400 E. Jefferson St. in Springfield. The community, which was listed for $2.5 million, was converted from a historic hotel into a 90-unit apartment facility with additional commercial space. Sears, Arndt and Jack Fisher of Sperry Van Ness represented both parties in the transaction.