BPG Properties Ltd. recently purchased Park Butterfield Apartments in Mundelein, Ill., for an undisclosed price.

A Chicago-based private real estate investment company sold the 522-unit complex, which comprises 18 three-story buildings. The unit mix includes studios and one- and two-bedrooms, with an average size of 940 square feet.

Park Butterfield was constructed in 1974, and underwent significant upgrades over a two-year period from 2004-2005, including new roofs, windows, major building systems, updated unit interiors and a new clubhouse.

Madison Apartment Group L.P., the BPG affiliate that will own and operate the property, is implementing an extensive capital improvement program to further renovate the property, including the addition of washers and dryers to most units, landscaping upgrades and exterior painting. These enhancements will cost an estimated $2.4 million, according to a press statement.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×