Apartment Complex Sells For Record $137M In Glendale Heights

GLENDALE HEIGHTS, IL — An apartment and complex in Glendale Heights recently sold for $137 million, making history as the most significant apartment sale in Chicago's suburbs, according to a report from Crain's.

The 66-acre Ellyn Crossing Apartments property was sold by Rockwell Property, of Chicago, to a fund that is managed by Turner Impact Capital, of Los Angeles. The firm that bought the property focuses on affordable housing and aims to keep its rental prices within reason for residents who have budget limitations, Crain's reported.

The 1,155 units were sold to an Oak Brook company in 2005 that converted more than 700 of the apartments into condominiums. In 2013, Rockwell Property bought the remaining apartments that had not been converted into condos. In 2017 bought the over 300 unsold condos and then later purchased the more than 400 condos that had been sold by Inland group and converted them back into apartments.

After the Turner Capital purchase, the apartments at Ellyn Crossing, which average at about $1,000 a month, will be kept affordable for residents who earn at least 60 percent of the median income for the area.

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