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Investors have been paying premium prices for suburban multifamily assets the past year. Now, a JV led by an Ohio real estate group has paid the highest price for a suburban apartment complex since September 2014.
The Connor Group-led JV acquired the 586-unit Stonebridge of Arlington Heights for $105M. That breaks down to $179k/unit, and marks Connor Group's third suburban acquisition in 18 months, according to Crain's.
Connor is adding apartments at a time when the market is benefiting from increased rental demand and steady job growth. The purchase price tops the previous high of $96M for Wheaton 121. Invesco bought that property last May. [Crain's]
