Origin Investments in $69.8M Naperville Apartment Sale
Origin Investments and its joint venture partner Randolph Street Realty Capital have completed the disposition of The Iroquois Club, a 272-unit apartment complex at 1101 Iroquois Avenue in west suburban Naperville, for $69.8 million.
The sale capitalizes on the strength of Chicago’s suburban multifamily market and a favorable capital markets environment. Origin has leveraged those market conditions to complete their third suburban disposition in roughly 120 days.
The buyer, a private, Chicago-based investor, has an extensive portfolio of properties in the Chicago metropolitan area that is managed by TLC Management.
Over the six-plus year holding period, the sale of The Iroquois Club generated Origin’s investors an internal rate of return of 21% and an equity multiple of 2.99x.
“We accomplished the comprehensive business plan we established for The Iroquois Club,” said Marc Turner, Managing Director of Investment Management at Origin Investments.
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