Lennar Sells New Naperville Apartment Complex
Multifamily is the hot Chicago real estate sector of 2016 and Lennar Corp has been a savvy seller. Lennar, which sold Gateway West Loop in March for $84M, just sold the recently delivered Tapestry Apartments in Naperville to Stockbridge Capital in a $73M deal. Looks like we're going to have to redo our top 10 apartment sales list in a few months.
The 289-unit Tapestry Apartments is the first new multifamily development in Naperville since 2003. It was 93% leased in Q1, Crain's reports. Lennar has been selling its Chicago-area buildings as soon as it can deliver them. In addition to Tapestry and Gateway West Loop, the firm has a 290-unit complex in Glenview on the market.
It's a great market for Lennar to be disposing of properties. Rent spreads continue to widen in the burbs and net rents in the Naperville-Aurora market are up 12% in two years. Stockbridge retained McCaffery Interests to manage Tapestry Apartments. [Crain's]