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Naperville's Grand Reserve Sells for $67M


The busy suburban apartment market shows no signs of slowing down as we head into the final weeks of 2015. Eight-figure deals have been common for suburban multifamily properties all year long. The latest: Grand Reserve, a 319-unit complex in Naperville, was acquired by Resource Real Estate Opportunity REIT II for $67M, reports Crain's.

If the deal can close before the end of the year, it would mark the fourth-largest suburban apartment sale of 2015 and help year-to-date sales in the burbs top last year's record $1.2B.

Grand Reserve is Philadelphia-based Resource Real Estate Opportunity's first Chicago acquisition. Heitman bought the property for $52.2M in 2007. [Crain's]