Two More Suburban Multifamily Developments Sell For Eight Figures
Suburban multifamily real estate sales set a record for volume last year. After a relatively quiet first half of 2017, investor interest in suburban apartments has picked up steam, and the latest trades involve apartments in the north and west suburbs.
Goldman Sachs Asset Management Private Real Estate acquired Preserve at Cantera, a 343-unit townhome community in Warrenville, for $74.3M from an investment group led by Michigan investor Jonathan Holtzman. Goldman Sachs liked the development's location near the I-88 corridor, downtown Naperville and the highly desirable Wheaton/Warrenville school district. GSAM PRE co-head Joe Sumberg said Preserve at Cantera checks all the boxes that renters seeking affordable suburban housing want.
In Glenview, an affiliate of Connor Group acquired Tapestry Glenview, a 290-unit apartment complex, from Lennar in an $81.4M deal. Lennar delivered the building in 2014, and decided to exit amid a strong job market and confidence that potential buyers will continue to widen rent spreads.
Preserve at Cantera and Tapestry Glenview are two of three suburban multifamily developments to change hands in the past month, and the second in Glenview. Lowe Enterprises acquired the Reserve at Glenview, a 239-unit transit-oriented development, from a JV led by Focus Development last month for $80.5M.