
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.
- ◦Sale/Acquisition