Highland Park apartment complex sold

From the Highland Park News (IL) January 23, 2009 –

A Chicago-based property management company has acquired the North Shore Estates apartment complex in Highwood for $14 million.

The company intends to make a substantial investment in the property, which soon will be called the Fort Sheridan Place Apartments, according to a news release issued by the Morningside Group.  The project calls for an “extensive” redevelopment of the property’s seven-acre site, both exterior and interior.  The complex contains 252 one, two and three bedroom units.

Morningside received $19.2 million in financing for the purchase of the property and the redevelopment.  The project will begin in the spring and will proceed in phases for three years.

“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, ” said David Strosberg, President of Morningside in the press release.  “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.”

The company says renovated units will be available for lease as early as this summer.