**Berkadia Completes Sale of 254-Unit Multifamily Property in Rockford, Illinois**
Berkadia has successfully brokered the sale of The Arbors, a 254-unit, garden-style multifamily property located in Rockford, Illinois.
The transaction was led by Managing Director Ralph DePasquale of Berkadia’s Chicago office, who represented the seller, Illinois-based Axiom Properties. The asset was sold to Illinois-based Becovic Holdings Corporation. At the time of sale, The Arbors was 98% occupied.
“The long-term owner of The Arbors had done a great job of maintaining and improving the property over the years,” said DePasquale. “It should be a great addition to the new owner’s portfolio of existing assets in the market.”
Situated at 3936 Eagle Drive along Riverside Drive in northwest Rockford, the property offers convenient access to retail amenities as well as public and private transportation. Built between 1966 and 1981, The Arbors features a mix of one- and two-bedroom units and includes community amenities such as a fitness room, business center, and community room.
