Des Plaines Apartments Trade in Chicago Suburbs’ Second-Largest 2021 Deal
Park Ridge Commons, a 752-unit multifamily property in Des Plaines, IL, sold for $117 million in Chicagoland’s second largest suburban apartment deal of 2021. The sale was brokered by Kiser Group’s Matt Halper, Danny Mantis and Lee Kiser, who represented both buyer Bayshore Properties and seller H.A. Langer & Associates.
“Park Ridge Commons is an example of naturally occurring affordable housing,” said Halper. “The new investors plan to make updates, but it will remain in a similar price point for renters. The previous owners kept it well-maintained with higher-end amenities than competing properties in the same niche.”
Pricing on Park Ridge Commons equates to about $156,000 per unit, Crain’s Chicago Business reported. For multifamily sales in Chicago’s suburbs, the purchase price was exceeded in 2021 only by that of Redwood Capital Group’s sale of Dwell at Naperville to a unit of Inland Real Estate Group for a reported $122.3 million.
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).