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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

Marquette/Heitman JV Exits Naperville Apt. Hold

CBRE recently represented a joint venture between the Marquette Companies and an affiliate of Heitman in the sale of River Run at Naperville Apartments, a 206-unit multifamily property in Naperville, IL. Dan Cohen and John Jaeger of CBRE represented the JV in the sale to Bridge Capital Partners and Friedkin Property Group.

Financial terms weren’t disclosed. The Marquette/Heitman JV reportedly paid about $48 million to acquire River Run in late 2016, amid a record year for multifamily deals in the region.

River Run is an 11-building property, consisting of one-bedroom, two-bedroom and three-bedroom units. It was built in 2003, and 102 units have undergone renovations in the past 24 months.

“This is an amazing property in one of Chicago’s most popular suburbs,” said Cohen.  “With the recent investments from the seller, this property will compete with new product and offer a high-end, luxury experience.”

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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 16-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 7-10 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).

  • ◦Sale/Acquisition
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