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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

Naperville Apartment Trade Reaches Three-Year High on Pricing

In the Chicago suburbs’ biggest apartment deal in nearly three years, a venture led by Des Moines-based BH Equities has acquired the 321-unit Glenmuir of Naperville in Naperville, IL. Crain’s Chicago Business reported the sale generated a hefty gain for Connor Group, which sold the complex for about $103 million.

Although the per-unit price of $320,000 a unit was within the expected price range for the property, it’s 66% more than the $61.8 million that Dayton, OH-based Connor paid in 2014.

The sale occurred against the backdrop of record-high Chicago suburban rents in the first quarter, while occupancies rose to their highest level since 2016, according to the Chicago office of Integra Realty Resources.

Accordingly, 2021 could be a very big year for suburban apartment sales. “There is an incredible amount of product on the market right now and more stuff is coming out,” IRR’s Ron DeVries told Crain’s.


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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 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 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).