Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Palatine Multifamily Sale Sets New Record for Chicago Suburbs
Locally based Albion Residential bought Bourbon Square, a 612-unit community in Palatine, IL, from Los Angeles-based Broadshore Capital Partners, reported Crain’s Chicago Business. At $139.3 million, it’s reportedly the highest price ever paid for a suburban Chicago apartment property.
The previous high-water mark for suburban Chicago was set in January, when Ellyn Crossing, a 1,155-unit property in Glendale Heights, sold for $137 million, according to MSCI Real Capital Analytics.
Albion will invest $30 million or more into capital improvements at Bourbon Square, which Broadshore predecessor Lowe Enterprises Investors acquired for $97 million in 2014. “We’re going to do a big makeover,” Albion president Jason Koehn told Crain’s.
Investors can afford major renovations because Chicago suburban rents have risen rapidly. The median net suburban apartment rent rose to a record $1.87 per square foot in the first quarter, up 17% year-over-year, according to the Chicago office of Integra Realty Resources.
- ◦Sale/Acquisition
