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FPA Multifamily reportedly traded ReNew on York for $106 million, three years after acquiring the Bensenville, IL property

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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