Farmington Hills-based City Club Apartments (CCA), an apartment owner, development, and management company has closed a sale of its Village Green Apartments of Ann Arbor, and Village Park of Palaine and Village Park of Hoffman Estates in Illinois to an undisclosed buyer.
“Following the sale of my 50 percent ownership stake in Village Green Holdings’ operating companies and launch of this new international brand, City Club Apartments, our focus has shifted to developing and managing urban and suburban-urban midrise, high-rise and historic mixed-use apartment and penthouse communities,” says Jonathan Holtzman, CCA’s CEO. “These three apartment communities do not fit that vision. We have always built and managed for value so we were not only able to maintain top of the market rents and occupancy at these properties, but were also able to sell them for historically low cap rates.”
The 520-unit Village Green Apartments of Ann Arbor is located adjacent to the US-23 on Ann Arbor’s northeast side, near various parks and trails, downtown Ann Arbor’s retail and restaurant scene, and the University of Michigan and its medical center.
The Village Park of Palatine complex is located on in northwest Chicago in the suburb of Palatine and consists of 448 units. The apartment community includes a sprawling garden and mature landscaping, water features, and is near several parks, shopping, entertainment, and restaurant options, and the METRA. Similarly, the Village of Hoffman Estates includes 221 units in northwest Chicago and boasts highway access and proximity to Schaumburg’s office corridors, Woodfield Mall, and O’Hare International Airport.
Founded in 1919, CCA is an international apartment brand and owns, develops, and manages apartments, furnished short term, and penthouse mixed-use communities with a portfolio of approximately 10,000 apartments in 30 communities and $2 billion in assets. Specific financial details of this transaction were not disclosed.