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FPA Multifamily Buys Another Apartment Building in Chicago
California-based FPA Multifamily has purchased the 270-unit Vantage Oak Park, located at 150 Forest Avenue, according to Crain’s citing sources close to the deal. The 21-story, 270-unit luxury high-rise building is the suburb’s tallest apartment tower.
The property was said to have sold for about $80 million, a discount from its previous sale price of more than $102 million when it was purchased in 2018 by a partnership of Magnolia Capital and Goldman Sachs. Vantage Oak Park was completed in 2016 through a joint venture between Atlanta-based Wood Partners and CBRE.
The building, designed by Gensler, features studio, one- and two-bedroom floor plans and 25,000 square feet of retail space on the ground level and second floor fronting Lake Street. FPA has closed several Chicago acquisitions in recent months, including a $144 million, 500-unit high-rise in the South Loop in March.
