Canadian Buyer Nabs Chicago-Area MF for $68M

John Hancock Real Estate, a unit of Manulife Financial in Toronto, paid $68 million for the 204-unit Oak Park Place in Chicago. The seller of the property at 479 N. Harlem Ave. was Tennessee Consolidated Retirement System. Chicago-based Moran and Co. brokered the deal.

The transaction represents a value-add play for the Canadian owner. Though Oak Park Place was completed in 2009, it already has competition from newer properties. The property was 94.6% occupied.

Rents in the building range from $1,425 per month for a studio unit, to $4,050 for a three-bedroom apartment. The average is $2.38 per square foot, meaning rents are the highest in the South Cook County submarket.

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