Berkadia has completed the sale of The Arbors, a 254-unit, garden-style multifamily property in Rockford, Illinois.
Managing Director Ralph DePasquale of Berkadia Chicago led the transaction on behalf of the seller, Illinois-based Axiom Properties. The Arbors sold to Illinois-based Becovic Holdings Corporation, and the property was 98% occupied at the time of the sale.
“The long-term owner of The Arbors had done a great job of maintaining and improving the property over the years,” said DePasquale. “It should be a great addition to the new owner’s portfolio of existing assets in the market.”
Located at 3936 Eagle Drive along Riverside Drive in northwest Rockford, the property affords convenient access to shopping and public/private transportation. The Arbors was built between 1966 and 1981 and features a mix of one- and two-bedroom units with amenities, including a fitness room, business center, and a community room.
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