An affiliate of Nuveen scooped up an apartment complex in La Grange for almost $88M as investor demand for Chicago suburban multifamily heats up.

The affiliate purchased Uptown La Grange at 31 E. Ogden Ave. for $87.8M from JVM Realty, Crain's Chicago Business reported. The five-story, 254-unit property sold at a slight discount from the $89.4M JVM paid for the complex in 2018, according to the outlet.

The complex's average rent is $2,530 per month across a mix of studio, one-, two- and three-bedroom units. The building also has top amenities like a pool, fitness center and a rooftop terrace.

Uptown La Grange is the only Class-A apartment building in the suburb and the only large complex built in the village since 1970, the outlet reported.

“We are excited to acquire the property due to its high credit demographics and infill suburban location,” Brian Eby, managing director of U.S. Housing Investments for Nuveen Real Estate, told Crain's in a statement.

Nuveen's affiliates have shown an appetite for suburban multifamily over the past year. Nuveen’s U.S. Cities Multifamily Fund bought Dash Downers Grove, a 167-unit apartment building in Downers Grove, for $65M in October, Crain's reported.

Chicago saw 5.1% year-over-year rent growth in July, the second highest in the nation behind Brookline, Massachusetts, according to CoStar data. Other Midwest cities also far surpassed the average national rent growth of 0.9% last month, with Indianapolis posting 2.2% growth and Minneapolis hitting a 2.8% mark.

In Chicago, first-quarter multifamily sales more than doubled compared to the same period in 2024, according to a report from Northmarq. Activity was evenly distributed across property classes, though Class-A prices shot up, with the median price rising to $421.5K per unit, up 33% from the 2022-2024 average.

“We've been the poor stepchild for a long time, and it seems now there's some interest,” Tim Anderson, CEO of Chicago-based developer Focus, told Bisnow in June.