Park Butterfield sells near Chicago

Extensive improvements planned

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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. ...