HFF announced it has closed the sale of the Woodlands of Crest Hill, a 730-unit multi-housing community in Crest Hill, Illinois and the Fountains at Stone Crest, a 400-unit multi-housing community in Westmont, Illinois.
HFF marketed the properties on behalf of the seller, a joint venture between MetLife, Redwood Capital Group and Westdale Asset Management. The transactions were part of a three-property portfolio with the third property sold in a separately marketed transaction.
The Woodlands of Crest Hill is located at 1615 Arbor Lane immediately north of Joliet and approximately 44 miles southwest of downtown Chicago. Situated on 26.65 acres, the garden-style property has undergone kitchen and bath renovations as well as other property upgrades throughout the past few years and includes a mixture of studio, one and two-bedroom units averaging 649 square feet each. Community amenities include a fitness center, clubhouse, swimming pool with sundeck, playground, sand volleyball court and jogging trails.
The Fountains at Stone Crest is located at 1 Fountainhead Drive approximately 10 minutes north of Argonne and 26 miles southwest of downtown Chicago in DuPage County. The property was completed in two phases in 1966 and 1975, and has one- and two-bedroom units averaging 971 square feet each. Community amenities include a 5,300-square-foot clubhouse consisting of a great room, business center, fitness center and indoor racquetball court as well as a swimming pool with sundeck, playground and picnic area.
The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and executive managing director Matthew Lawton.