Chicago Landlord Buys Glen Ellyn Apartment Complex for $32 Million

Photo credit: The Arbors of Glen Ellyn website

Chicago apartment landlord Stuart Handler, who is the CEO of TLC Management, has bought an Glen Ellyn apartment complex for $32 million, Crain’s Chicago Business reports.

Handler is planning to renovate the 264-unit complex at 325 Ramblewood Drive, which is located near the College of DuPage, and increase rent. He will spend ”a couple million” on a new clubhouse, updated commons areas, new landscaping and by fixing apartments as needed, according to the article.

Currently, a one-bedroom unit is renting for $934 per month while a three-bedroom is going for $1,794 per month, according to Crain’s.

Read more in the Crain’s Chicago Business article.