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RREEF Sells Chicago Area Multifamily for $101 Million

TGM Associates Adds Communities of Ascot Glen to Growing Apt. Collection
February 25, 2013
RREEF sold The Communities of Ascot Glen, a 712-unit apartment complex in Willowbrook, IL, for $101 million or $141,854 per unit. TGM Associates, a New York-based multifamily investor, was the buyer.

The garden-style community consists of 76 buildings in DuPage County, about 22 miles west of downtown Chicago. It includes an athletic club, three heated swimming pools, tennis courts and resident center. Lincoln Property Management is the former manager. Marty O'Connell, Sean Fogarty and Matthew Lawton were the listing brokers.

TGM Associates will rename the property TGM Willowbrook. The company has two other properties in the area: TGM Springbrook in Aurora, which it purchased from AIMCO Holdings LP for $50 million in December, and TGM Park Meadows in Schaumburg, which it acquired from Invesco for $86.7 million last April.

See CoStar COMPS #2683659 for more information.

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