NORTHBROOK, Ill., June 3, 2011 /PRNewswire/ -- Prime Property Investors, Ltd. Co-CEOs, Barbara J. Gaffen and Michael H. Zaransky announced the purchase of Deer Valley Apartments in Lake Bluff, Illinois, a 224 Unit, full amenity luxury Class A Garden Style Apartment Complex. The fully stabilized property was 98 % leased at closing. The seller was a pension plan advised by San Francisco-based Stockbridge Capital Group, LLC.
Gaffen stated, "The purchase compliments our search for quality stabilized assets in high growth sub markets with the potential for appreciation in value." Zaransky added, "Deer Valley is an amenity rich trophy asset in the highly desirable Lake County Suburban Chicago MSA market. The Chicago suburban MSA, and Lake County in particular, provides considerable upside due to a lack of new construction, significant barriers to entry, and projected growth in renter demand."
Deer Valley Luxury Rental Apartments is a thirteen building complex with a combined 224 apartment units plus club house and garages. The total building square footage is approximately 200,000 square feet and the site lot size is 13.5 Acres. The property grounds, which include a recently renovated Clubhouse, Fitness Center, and pool with sundeck, includes 297 recently repaved surface parking spaces and 52 enclosed private parking garages with remote controlled overhead doors. The apartments feature fully equipped kitchens with garbage disposals, dishwashers, refrigerators, and individual in unit washers and dryers. The community consists of 120 1 bedroom, 1 bath units and 104 2 bedroom 2 bath units. All units have private balconies or patios. Many units feature wood burning fireplaces, and vaulted ceilings. Each apartment home has an individual hot water heater and separate heating and A/C units.
Deer Valley is located in the Village of Lake Bluff within Lake County Illinois. Lake County is located along Lake Michigan, approximately 30 miles north of the Chicago Central Business District. Lake County is one of Illinois' fastest-growing Counties and one of the fastest growing in the nation. Lake County consists of 728,086 residents (as of 2009) and is projected to grow to 786,000 by 2020 for an increase of 8 %. Lake County is the third largest revenue generator for the State of Illinois. Lake County is the home of Great Lakes Naval Training Station, (just to the East of Deer Valley and the largest employer in Lake County), one of the largest Naval training centers in the world as well as Abbott Laboratories, located directly across the street from Deer Valley, the second largest employer in Lake County. Lake County is home to nearly 28,000 businesses, 450 of which employ more than 100 employees. With a total of 9 Fortune 500 and 15 Fortune 1,000 companies located in Lake County, the region boasts one of the top business areas in the country. Over 40 % of Lake County's workforce is employed in management, financial, or professional fields. Within close proximity to the property, aside from Abbott, Lake County houses corporate headquarters for: Baxter Healthcare, Hewitt Associates, Brunswick, W.W. Grainger, and Tenneco.
Prime Property Investors, Ltd., based in Northbrook, Illinois, is a leading multi-family property investment firm with a specialized niche in Garden Style Conventional Suburban Apartment Complexes and Student Housing properties. The nationwide Student Housing portfolio properties are branded as Prime Campus Housing and the Garden Style Conventional Apartment Complexes are branded as Prime Residential Communities.
Due to Prime's tremendous growth, the company was recognized by Inc. Magazine for placement on the Inc. 500 list of the fastest growing private companies in America. Additionally, Prime was ranked one of the 50 best companies in the nation to work for in the residential property industry in an independent survey by Professional Builder Magazine.
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Michael H Zaransky
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SOURCE Prime Property Investors, Ltd.
