Once-troubled Rolling Meadows apartment complex gets new owners

The Apartments at Woodfield Crossing in Rolling Meadows has a new owner, it was announced Tuesday. Mayor Tom Rooney said he hopes the new owner continue the work done in recent years to turn around the once troubled development. Courtesy The Davis Companies

The Apartments at Woodfield Crossing, for many years a source of crime and controversy in Rolling Meadows, has been sold to an unnamed institutional buyer, its current owners announced Tuesday.

One of the sellers, Marquette Companies, will stay on to manage the 662-unit property previously known as 12 Oaks and Woodfield Gardens, according to Alexander Caswell, a spokesman for owner The Davis Companies (TDC).

Davis, representing an affiliate, owned the property along with Marquette. They announced the sale price as $57 million, or approximately $86,000 per unit.

TDC gained title to the property through a deed-in-lieu of foreclosure in January 2011, then partnered with Marquette "to bring professional management to the property."

City officials have praised the ownership, which put $9 million in improvements into the property. Woodfield Crossing was 94 percent occupied at the time of sale, the companies said in a news release.

"Marquette has done really good work," Mayor Tom Rooney said. "I hope the new owners continue that. They have made really good strides over there. Marquette is rock solid."

Rooney noted that Marquette won an award from the Rolling Meadows Chamber of Commerce for its work at the property.

"Marquette has done an admirable job of managing the property, and that's been a real value to us as a community," he said. "The fact that they're continuing to manage the property is great news to us."

The Apartments at Woodfield Crossing, at Algonquin Road, the Jane Addams Tollway and Route 53, was built in the mid 1960s.

A previous owner had a colorful tenure that included lawsuits against the city, one of them protesting a short-lived blocking of all but one entrance to the development. He also drew criticism for flying several large Mexican flags at the complex to market to people of Mexican heritage. He said it was proper flag etiquette because he flew each with an identical American flag.

Jonathan Davis, chief executive officer of The Davis Companies, said in a statement that he is proud of the partnership's work on the property.

"We acquired the note on this property in October 2010 and were able to negotiate a resolution to what at the time was a very troubled situation," he said. "We ultimately got control of the asset and worked with our partner, Marquette Companies, to turn around the property."