Chicago-based Jupiter Realty has acquired the Reserve at Eagle Ridge, a 370-unit apartment complex in Waukegan, Ill., in a transaction valued at approximately $32 million.

The purchase — Jupiter’s third major acquisition in less than six months — was its first in a partnership with Capital Source, a Maryland-based public REIT.

The Reserve at Eagle Ridge (formerly known as Eagle Ridge) was developed during 2000 and 2001 and is comprised of 13 three-story apartment buildings and a one-story clubhouse on 40 acres of land near Interstate 94 and Route 41. The property also features vacant land zoned for an additional 120 apartment units.

Immediate upgrades at the Reserve at Eagle Ridge will include new signage and the addition of in-unit washers and dryers. Existing in-unit amenities include central heating and air conditioning, dishwashers, trash disposals, an intercom system, garages and patios/balconies.

The property’s studio, one- and two-bedroom units (which were 96 percent occupied at closing) range in size from 530 to 945 square feet. A community clubhouse features a swimming pool, fitness center and business center.

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