Multifamily Monday: Beyond Student Housing

Remember when you got your first grown-up non-college apartment? That's sort of how Prime Property Investors feels right now. The multifamily owner with a student housing portfolio in six college markets nationally has now bought their second surburban garden complex in Deer Valley, a 244-unit property in Lake Bluff. (Yes, this means they don't get a meal plan anymore.)
 
The Lake and DuPage suburban multifamily markets are booming right now, and Deer Valley is in an especially good position near Abbot Labs and Great Lakes Naval Base, two of Lake County's top employers. Prime's Barb Gaffen and Michael Zaransky noted the difference between owning non-student housing multifamily: leases are expiring and new tenants moving in all the time  instead of just at the beginning of the school year. To look good all year round, they're working on improvements including new granite, stainless kitchens, and a new fitness center. Prime bought its first conventional multifamily housing in 2009, a garden-style complex in Naperville.
HFF's Matthew Lawton and Sean Fogarty brokered the deal between Prime and seller Stockbridge Real Estate Capital. The asset's  13 buildings were already more than 90% leased  at the time of the all-cash sale. Prime plans to remain a large owner of student housing and diversify with acquisitions of traditional garden-style apartments in the dense suburbs near its current holdings.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Gaming & Leisure Stays Bullish On Bally's Casino Project Despite Delays

The Geo Group To Reopen 2,329-Bed Immigration Facility In Texas

What's At Stake For CRE In Tuesday's U.S. Midterm

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Morningstar Releases New Details On Over 350K SF In Q3 Office Leases

New Bears Stadium Proposal Floated For Bridgeport

Prologis To Develop 3.8M SF Industrial Park On Former Casino Site

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

$120M Ambulatory Center Planned For Suburbs: The Chicago Deal Sheet

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

Obama Center Shows Chicago Is Starved For Development