Suburban Chicago apartments sold, conversion eyed

Deal represents price of $233,304 per unit

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Marcus & Millichap negotiated the sale of Valley Lo Towers II, a 112-unit apartment complex in Glenview, Ill., for $26.1 million. Neither the buyer's or seller's identity was disclosed. Valley Lo Towers II occupies 7.2 acres of land adjacent to a nature preserve. The property, constructed in 1988, was 97 percent occupied at the time of sale. There is a mix of one-, two- and three-bedroom units at the property, which has undergone nearly $1 million in capital improvements since 2005. Property amenities include an outdoor swimming pool and sundeck, a clubhouse party room and business center, a tennis court, and storage rooms on each floor. Valley Lo has ample parking with 94 underground heated spaces and 130 uncovered spaces. In March 2009, the property qualifies for condominium conversion, following the expiration of the bond financing, according to Scott Harris, a director in the Chicago office of Marcus & Millichap's National Multi Housing Group Encino, Calif.-based Ma...