Blackstone sells suburban Chicago apartments to JRK Holdings - News
Blackstone Group has sold a big apartment complex in west suburban Lombard for $67.4 million, notching a solid gain about two years after buying it. The New York private equity firm sold Clover Creek , a 504-unit property at 830 Foxworth Blvd., to JRK Holdings, a Los Angeles- based investment firm , according to DuPage County property records . The price, which amounts to $134,000 a unit, is 24 percent higher than the $54. 1 million Blackstone paid for the complex in March 2015. Rising rents and occupancies have pushed up suburban apartment values the past several years, allowing investors to cash out of properties at higher prices than they paid. But that alone doesn't explain the jump at Clover Creek. BOOSTING VALUE Blackstone increased the value of the complex by renovating a bunch of its apartments. Then it raised rents on the rehabbed apartments, boosting the property's income and justifying the higher price. After fixing up 72 apartments at Clover Creek, it hiked rent...