Printer-friendly version CHICAGO, IL - August 5, 2014 – HFF announced today that it has closed the sale of Tanglewood Apartments, an 838-unit, garden-style multi-housing community in Arlington Heights, Illinois.
HFF marketed the property on behalf of the seller, Principal Real Estate Investors. JRK Property Holdings purchased the offering for an undisclosed amount.
Tanglewood Apartments is located at South Goebbert Road and East Algonquin Road (Route 62) just off the Jane Addams Memorial Tollway (Interstate 90) and approximately 25 miles northwest of Chicago’s central business district. The community is 97 percent leased and includes one-, two- and three-bedroom units averaging 731 square feet each. Community amenities include a clubhouse, 24-hour fitness center, two swimming pools, two sundecks, playground, volleyball court, pet stations and gazebo.
The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell, associate director Wick Kirby and executive managing director Matthew Lawton.
Principal Real Estate Investors manages or sub advises $52.6 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
Since its founding in 1991, JRK Property Holdings has amassed a commercial portfolio throughout the United States valued in excess of $6 billion, and consisting of more than 55,000 multifamily units, luxury and flagged hotels, and more than two million square feet of office, industrial, and storage properties. As of 2014, JRK is the 15th largest owner of apartment properties in the country.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.