The market for suburban multifamily assets continues along its torrid pace. The Hayman Co paid $41.5M for Clover Ridge East, a 276-unit development in Palatine.
Seller Kensington Realty Advisors paid $15.5M for the development in 1997, and conducted extensive interior renovations between 2009 and 2011.
Clover Ridge East, completed in 1986, consists of 23 buildings with one- and two-bedroom units. Common amenities include a heated outdoor pool, fitness center, business center, locker rooms and a sauna. The sale price breaks down to $150k per unit. The hot suburban multifamily market has been driven by record rents.
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