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Real Realty Completes $11.9M Sale of Bellerose Garden Apartments in Glenwood, IL
Real Realty, a multifamily brokerage and property management firm, has completed the sale of Bellerose Garden Apartments, a 100-unit garden-style multifamily community located in Glenwood, Illinois.
The property was sold by New York-based real estate investment firm Avery Capital, LLC to Glenwood Manor, LLC, a local apartment operator. The transaction was valued at $11.9 million. Real Realty’s James Clough and Cristian Gavriluti represented both the buyer and seller in the deal.
Bellerose Garden Apartments comprises 77 two-bedroom units and 23 one-bedroom units. Under the direction of the ownership team—including coordinated oversight of management, renovations, and asset operations—the property saw significant improvements in both operational efficiency and market positioning.
“Our team took over management of the property in 2022,” said James Clough. “Our sister company, Tera Construction, completed the renovations, and ultimately, we marketed and brokered the sale to the new buyer. In total, for every $1.00 ownership spent on renovations, the strategy yielded over $4.00 in return.”
The transaction highlights the impact of strategic renovations and asset management in driving value and facilitating successful investment exits.
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