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Bensenville Apartments Trade for $106M, Appreciating 41% in Three Years
In another show of the Chicago suburban multifamily market’s strength, San Francisco-based FPA Multifamily has sold ReNew on York, a 571-unit property in Bensenville, IL to New York-based DRA Advisors for $106 million, or about $186,000 per unit, reported Crain’s Chicago Business. The price represents a 41% jump in the property’s value since October 2019, when FPA bought it for $75.3 million.
The suburban apartment market has been on a roll for several years, gaining momentum since the pandemic began. Combined with other recent suburban sales, the Bensenville deal suggests the multifamily investment market is holding up well so far amid inflation and rising interest rates, Crain’s reported.
FPA boosted the value of the complex through a multimillion-dollar renovation, fixing up its apartments and common areas and addressing some deferred maintenance, FPA’s Alex Louden told Crain’s.
“It was a pretty straight-down-the-fairway value-add deal for us,” he said.
- ◦Sale/Acquisition
