Lennar Sells IL-Based Tapestry Apartments for $73M

Lennar Multifamily Communities sold a 298-unit apartment property, Tapestry, to Stockbridge Capital Group, a San Francisco investment firm. Seller Lennar pocketed $73 million in the sale of the 92.6% leased property. Peter Evans at Moran & Co. brokered the transaction.

Lennar, headquartered in Miami, sold the property at 3703 Showplace Dr. in Naperville, IL, less than two years after opening it. According to local media, the asset was the first new apartment development in the Chicago suburb since 2003.

Lennar has been selling its Chicago-area properties. In March, the builder sold the 167-unit Gateway West Loop at 11 S. Green St., for $84 million. Lennar has also retained HFF to sell its Tapestry Glenview, a 290-unit apartment property at 2550 Waterview Dr. in Northbrook. Tapestry Glenview was completed in April 2015.

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