While most eyes are focused on the multifamily happenings in Streeterville and downtown, it's wise to continue to pay attention to the suburbs, where investor demand for core and value-add assets may be as strong. The latest deal: Lowe Enterprises Investments acquired Fairways of Naperville, a 210-unit multifamily development, in an off-market deal.

The terms of the deal weren't disclosed, but Lowe plans to spend up to $4M in capital improvements including facility and interior renovations, and upgrades to the clubhouse, pool and deck, fitness center and tennis courts, and the addition of a dog park and barbecue grill.

Lowe Enterprises is in the midst of aggressively expanding its national multifamily portfolio. The firm previously bought the 612-unit Bourbon Square apartment community in Palatine in late 2014.