Real Realty Completes Sale of 100-Unit Apartments in Glenwood
Real Realty, a multifamily brokerage and property management firm, completed the sale of the Bellerose Garden Apartments, a 100-unit garden-style multifamily community located in Glenwood, Illinois.
Avery Capital, LLC, a New York-based real estate investment firm, sold the complex to Glenwood Manor, LLC, a local apartment operator, in a transaction valued at $11.9 million. James Clough and Cristian Gavriluti of Real Realty represented both the buyer and seller in the transaction.
The property consists of 77 two-bedroom and 23 one-bedroom units. Through coordinated management, construction, and asset management oversight, the ownership team was able to significantly improve the asset’s operational efficiency and market positioning.
“Our team took over management of the property in 2022,” said Clough. “Our sister company, Tera Construction, completed the renovations, and ultimately, we marketed and brokered the sale to the new buyer. In total, for every $1.00 ownership spent on renovations, the strategy yielded over $4.00 in return.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout