January 14, 2021, Multi-Housing News (MHN) by Sergiu Inizian
Lawton Realty Group has completed the bulk sale of 185 units within the Ashton Condominiums, a 240-unit community in the Chicago suburb of Arlington Heights.
Randolph Street Realty Capital acquired the units for $25 million, according to the firm.
CBRE represented the seller in the deal. Lawton originally acquired the entire property for $40 million.
Built in 1989, and renovated between 2015 and 2019, the community comprises one- and two-bedroom apartments, with storage rooms for each unit. Common-area amenities include a swimming pool, clubhouse, party room, fitness center, patios and laundry facilities.
Located at 2302-2416 S. Goebbert Road, Ashton is just off Interstate 90 and is located 8 miles from O’Hare International Airport.
CBRE’s brokerage team on the deal included John Jaeger, Dan Cohen, Justin Puppi and Nisha Mishra. In April 2020, Cohen was involved in the $44 million condo deconversion sale of 21 East Chestnut Condominiums, a 163-unit property in Chicago. Strategic Properties of North America purchased the building.