LA Investor Acquires New Suburban Apartments In $81M Deal
Suburban multifamily sales have been relatively quiet after a record-shattering 2016, but there are signs the market may be heating up. Lowe Enterprises acquired a north suburban transit-oriented development for $80.5M.
Lowe and an institutional investor bought The Reserve at Glenview, a 239-unit apartment complex at 195 Waukegan Road in Glenview, from a joint venture of Focus Development, Atlantic Realty Partners and Carlyle Group, according to Crain's Chicago Business. Reserve opened in 2015 and was financed in part with a $44M construction loan, according to records from the Cook County Recorder of Deeds.
The Reserve is 84% occupied and benefits from being directly west of a Metra train stop. The community is also near a Mariano's Fresh Market-anchored shopping center developed by Regency Centers. The firm sold that property for $50M in September 2015. Lowe's acquisition comes two weeks after Monument Capital Management bought The Residences at 1550 West Dempster in Mount Prospect for $68M.