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Apartment Income REIT sells Illinois multifamily building for $71M

Apartment Income REIT Corp. sold a multifamily property in Oak Park, Ill., for $71 million, the Chicago Business Journal reported.

Palladius Capital Management LLC acquired the 234-unit 100 Forest Place using a three-year, $60 million bridge loan from New York Life, the publication reported, citing Berkadia Chicago's Pete Evans, who represented the seller in the transaction.

The property is 98% leased, Evans added.