Real Estate
Name Change Due at Covington Court Apartments In St. Charles
Georgia-based equity firm to rename property Ashford St. Charles after completing $19.2 million purchase.
Look for a name change at Covington Court Apartments, which will be called Ashford St. Charles by the Georgia-based equity firm that has completed its purchase of the 208-unit complex from developer Shodeen Inc. in Geneva.
Shodeen Inc. had managed the property since it built the complex in 1987.
National Real Estate Investor reported Friday the sale had been completed.
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A press release last week announcing the pending sale stated that Radco Investments’ estimated transaction price was $92,500 per unit, or $19.2 million. The property contains a clubhouse, a swimming pool and is 99% leased.
National Real Estate Investor reported that the complex is 94.7 percent occupied. The acquisition brings to 3,300 the number of apartment units the company has purchased in the ppast year, including 226-unit Brittany Court Apartments in Geneva, also from Shodeen.
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