Woodlake (Sold)

Moran & Company is pleased to announce an exclusive listing for the sale of Woodlake Apartments, a 260-unit luxury apartment community located in Gurnee, Illinois, that represents some of the newest product in one of the best locations the prosperous Lake County submarket has to offer. Woodlake, adjacent to I-94, is a rare opportunity to purchase one of the best-located communities in the metropolitan area at a discount to reproduction costs and at an opportune time for future rent growth, which is driven by lack of new supply, population growth, and job creation from local development that includes new corporate headquarters and larger-scale destination entertainment and shopping. Rents in the Lake County submarket grew 6.25% from Third Quarter 2006 to Third Quarter 2007, and occupancies have been consistently above 96%.

Woodlake Apartments is being offered on an as-is, where-is basis for $39,000,000, or $150,000 per unit and $165.59 per square foot.

Please contact Tom Moran or Pete Evans (312-407-6700) to discuss this offering in detail. To schedule a tour, please contact Lydia Subota at 312-407-6720.

Please note that the bid date for Woodlake Apartments has been scheduled for Wednesday, February 20th, 2008.