Two suburban apartment properties fetch $88 million

    Two suburban apartment complexes have changed hands for a combined $88 million, a sign of rental housing’s continued appeal with investors.

    In the bigger deal, the developer that converted a former Ovaltine factory in Villa Park into 344 apartments sold the property this week for about $58 million to Stockbridge Capital Group, a San Francisco-based real estate investment manager, according to people familiar with the transaction.

    About 20 miles to the southwest, a venture led by Wilmette investor Cameel Halim paid about $30 million for the Innsbruck Apartments, a 475-unit complex in Bolingbrook, according to CBRE Inc., the broker that sold the property.

    Read more in Crain’s Chicago Business.

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