Craig L. DeSanto And Jason Berkowitz Acquire Elan Yorktown Apartments From Bob Faith For $99M

The property asset involved in this transaction is a multifamily apartment complex located at 50 Yorktown Center Drive, Lombard, IL. The sale price for this asset was $99,000,000, and it comprises 295 units, resulting in a price per unit of $335,593. The transaction was backed by a JPMorgan mortgage amounting to $63.4 million.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $99,000,000
• Units: 295
• Price per Unit: $335,593
• Buyer: Craig L. DeSanto - New York Life
• Buyer: Jason Berkowitz - RPM Living
• Seller: Bob Faith - Greystar
• Mortgage Amount: $63,400,000

This transaction highlights the involvement of key individuals: Craig L. DeSanto from New York Life and Jason Berkowitz representing RPM Living, both of whom acquired the asset from Bob Faith of Greystar. The transaction is noteworthy amid the backdrop of the adjacent Yorktown Center mall facing foreclosure due to a default on $107 million of debt, while the suburban multifamily sector remains robust, illustrating investor confidence in the Lombard market.