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.