CHICAGO, ILLINOIS – Monday March 4, 2013- ACO Commercial, is pleased to announce the sale of the Shalamar East Condominiums located at 2206-2210 S. Goebbert Road in Arlington Heights, a northwest suburb of Chicago. The property is comprised of two midrise elevator buildings constructed in 1967, and converted to condominiums in 2007. The offering consisted of 60 of 96 units within the development.
George Toscas, Executive Vice President of ACO Commercial arranged the sale of the fractured development on behalf of a bank client. The sale price was $3,800,000 representing a capitalization rate of approximately 6.6%.
The offering was comprised of 35 one-bedroom units, and 15 two-bedroom units. At the time of sale, most units were occupied and in original condition. Asset management was provided by Michigan Avenue Real Estate Group, in collaboration with RMK Management.
ACO Commercial specializes in the sale of investment real estate throughout the Midwest. Affiliated Chicago Operations, LLC has 21 offices in Illinois, Wisconsin, and Indiana with over 1,000 agents.