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Friedkin Realty Sees Big Gain in Schaumburg Apartment Sale
Nearly nine years after buying Fieldpointe of Schaumburg, a 396-unit apartment complex in Schaumburg, IL, San Francisco-based Friedkin Property Group has cashed out for a hefty gain, another sign of the northwest suburban multifamily market’s continued strength. Crain’s Chicago Business reported that Freidkin sold the property for $79.9 million to affiliates of New York-based YMY Acquisitions and Chicago-based Royal Imperial Group, a 71% increase in value over the $46.6 million that Friedkin paid in 2014.
Although last year’s interest rate hikes sent a chill through the commercial real estate market generally, suburban multifamily values are holding up, Crain’s reported. The Fieldpointe of Schaumburg sale fits that narrative. Built in 1973 and renovated in 2008, the 12-building garden-style complex was 99.5% occupied at the end of last year.
“It’s a good quality asset in a good location,” Ari Tessler, principal at R.I.G. Capital, a Royal Imperial affiliate, told Crain’s.
- ◦Sale/Acquisition
