GLENVIEW, IL — A Chicago-based real estate investment firm sold a Glenview apartment complex it purchased as part of a large portfolio of property in 2015 for a tidy 52 percent profit, Crain’s Chicago Business reports. In August 2015, Speedwagon Properties spent $135.5 million to buy 15 properties, including commercial spaces in Wisconsin and California, from Raymond & Associates of Northfield.
Last month, Speedwagon sold Brookview Village, the 425-unit Glenview rental development built in 1972, for $73 million to Atlas Residential of Chicago, according to property records. The complex had been priced at $48.1 million when Speedwagon bought it from Raymond, according to Crain’s.
Speedwagon has also been netting significant profits on properties in Evanston in the past year and half. Crain’s reported a 19-unit apartment building bought for $1.1 million as part of the 2015 deal was sold for $3.6 in April, while a 37-unit building acquired for 7.2 million was sold last August for $11 million.
The managing director of Speedwagon told Crain’s the complex, which he said had not previously been managed properly, is ripe for a major renovation. He said the rents had been well below market rate and have been raised by 15-20 percent since his firm took over.