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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 
Bourbon Square Apartments in Palatine, IL has traded for a reported $139.3 million, the highest price ever paid for a suburban Chicago multifamily property

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. 

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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 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).

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