FOR IMMEDIATE RELEASE
+1 312 416 3064
+1 312 297 7673
CBRE Retained to List a Large Chicago-Area Residential Land Portfolio
One of the largest portfolios available in the country, the single-offer Chicago area portfolio consists of 40 separate land opportunities with unfinished, partially developed and fully-developed single and multi-family product
CHICAGO – June XX, 2016 – CBRE has been retained by Turnstone Group LLC to market a large residential land portfolio that spans seven counties throughout the Chicago region. The portfolio consists of 40 distinct opportunities, making it one of the largest portfolios of its kind available in the U.S.
CBRE’s Anthony Gange, Matthew Ishikawa and Steven Lehr are representing Turnstone Group in the sale.
The properties are spread across seven counties throughout Chicago including: Cook, DeKalb, Kane, Kendall, Lake, McHenry and Will, Counties. With a total of 40 different land sites, the properties offer: 1,615 finished and 623 partially finished single-family lots, 683 finished and 62 partially finished townhome lots, 108 finished and 10 partially finished DU lots and 581 acres of raw residential planned land.
The properties include $100 million of land development infrastructure that is already in place.
“This is a unique offering in today’s market,” said Ishikawa. “We haven’t seen a portfolio of this size list in quite some time. While the coastal markets have seen a strong recovery in the housing market, Illinois has lagged behind. This portfolio is an opportunity to purchase a significant amount of properties that are still close to the trough and should have ample appreciation in front of them. This is a portfolio that could yield excellent future returns for a single investor.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Turnstone Group LLC
Turnstone Group LLC is a real estate investment management company employing an opportunistic investment approach focused on capitalizing on distressed, misunderstood and under-capitalized situations across a variety of asset types. Since 2011, Turnstone has completed transactions with over 40 separate financial institutions and scores of sponsors throughout the United States and Spain. For more information visit our website at www.turnstonegroup.com.