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.

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
×