Crow Holdings, Marquette Make The Second-Largest Suburban Apartment Buy Of 2016
With all the mid- to high eight-figure sales happening, it will be interesting to see if the total suburban multifamily sales volume will match or exceed Chicago's at the end of the year. Crow Holdings and Marquette Cos JV'd on the acquisition of a Lombard apartment complex that is the second-largest suburban multifamily deal of the year.
The Crow-Marquette JV paid $86M for City View at the Highlands, a 403-unit complex in Lombard, Crain's reports. The seller, Sentinel Real Estate, paid $79M for the asset in 2006.
In another sign of investor appetite going beyond Class-A assets, Crow and Marquette view this as a value-add opp. The complex was 97% occupied at the time of the deal and upcoming improvements will feature rehabbed apartments, fitness center and clubhouse. City View also benefits from its location near Yorktown mall. If the activity and deals continue at this pace, suburban multifamily sales volume will shatter the record $1.2B set in 2007. Marquette president Darren Sloniger, by the way, is a panelist at BMAC Midwest Nov. 30. [Crain's]