Wheaton Apartment Complex Sells For $146k/Unit
The suburban multifamily market is so hot snow may not stick on the ground once winter arrives. The latest eye-popping deal is in Wheaton, where Strategic Properties whetted its appetite for Chicago-area multifamily by acquiring an apartment complex.
Strategic paid $50M to Redwood Capital for Briarbrook Village, a 342-unit property. It's a nice ROI for Redwood, which paid $34.2M for the complex in 2011, according to Crain's. Strategic's purchase price breaks down to $146k/unit.
Multifamily has been one of the driving sectors pacing Chicago real estate this year, with the top 10 sales of the year's first half accounting for $1.9B in transaction volume. The year's back end is just as busy, with Stockbridge Capital's $73M deal for Naperville's Tapestry Apartments and John Hancock's $68M deal for Oak Park Place leading the charge. [Crain's]