Morningside Highwood, LLC, an affiliate of Chicago-based Morningside Group, has completed the acquisition of the North Shore Estates apartment community in Highwood, Illinois from North Shore Estates, LLC. The purchase price was $14 million.
Located on Sheridan Road, the three building complex contains 252 one, two, and three bedroom units on 7 acres of land. Wells Fargo Bank provided $19.2 million in financing for the acquisition and redevelopment of the property.
Beginning in the spring and continuing in phases for three years, an extensive redevelopment of the property’s site, exterior and unit interiors is planned. David Strosberg, President of Morningside Group and Managing Member of Morningside Highwood, LLC, stated, “North Shore Estates is located across the street from the Fort Sheridan residential redevelopment and is walking distance to a METRA station, the lake, and Highwood’s downtown. These attributes make the property ideal for market repositioning. Our firm’s long-standing focus on suburban downtown redevelopment gave us unique insight into the property’s potential.”
As part of the repositioning, the community will be renamed Fort Sheridan Place Apartments. Renovated units will be available for lease this summer.
For more information on the acquisition or the renovation plans, contact Melissa Pittman at 312-280-7770×13 or email her atMPittman@MorningsideUSA.com.
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