An affiliate of San Francisco-based FPA Multifamily bought a large apartment complex in Hoffman Estates for $102M.
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The 642-unit property at 875 Pacific Ave. is one of several Chicago-area multifamily assets the company has acquired in the past year, Crain's Chicago Business reports. FPA Multifamily snagged a 270-unit apartment complex in Oak Park for $60.3M earlier this month, paid $144M for a 500-unit property in the South Loop in March and acquired a 558-unit building in Westmont for $96M in September, the outlet reports.
The Reserve at Hoffman Estates sold for a tick less than when it last traded in 2018 for $104M.
PEOPLE
Lee & Associates Asset Management hired Ryan Freed as executive vice president. Freed brings over 15 years of experience as a broker to the firm, most recently as vice president within Lee & Associates of Illinois’ office brokerage team.
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Greenstone Partners added two new members to its team. The company hired Jessica Langner as a senior marketing manager and Hannah Hudelson as a graphic designer. Additionally, the company promoted Trevor Allen to senior investment analyst.
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Skender promoted five employees to new positions at the company: Jack Bauschelt, Jen Haub, Al McReynolds, Tony Scott and Caleb Streitmatter. Bauschelt will work as a senior project manager, Haub as a controller and McReynolds as senior superintendent, team leader. The company also promoted Streitmatter to senior superintendent and Scott to senior project manager, team leader.
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Clear Height Properties promoted four members of its firm to new roles: Robin Stolberg, Lauren Posey, Madison Forster and Kevin Bufalino. Stolberg will work as executive director of acquisitions, Posey as executive director of property operations, Forster as managing director of property management and Bufalino as managing director of asset management.
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Colliers added Steve Ostrowski to the firm as vice chair within its industrial group. He joins from JLL where he was a managing director.
SALES
Clarius Partners bought a 75-acre vacant site on University Parkway, east of Central Avenue in University Park, from a private investor. The planned development will be aimed at large logistics operations and include a 970K SF cross-dock warehouse facility. Colliers' Jim Estus and David Bercu brokered the deal.
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A private investor purchased two strip centers at 19102-19140 88th Ave. in Mokena and 8258-8290 S. Janes Ave. in Woodridge for $6.8M from Armco Properties.
Colliers Net Lease Investment team of Peter Block and Rachel Patten represented the seller.
LEASES
TA Cabinets leased two contiguous units totaling 53K SF at 2050 S. Mount Prospect Road in Des Plaines. Lee & Associates' Chris Nelson and Calvin Gunn represented landlord MapleTree Investments.
FINANCING
Essex Capital Markets closed on a $9.5M loan to refinance two multifamily properties in Lakeview. The financing, secured on behalf of a Chicago-based private investment firm, was originated by Essex's Darragh Griffin and Quinn Keenan. The financing package includes a 10-year, full-term, interest-only Fannie Mae loan of $9.5M.
