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Rolling Meadows Apartments Turn 54% Profit for Seller
New York-based Beitel Group has paid $111 million for the Preserve at Woodfield apartments, a 662-unit property in northwest suburban Rolling Meadows, Crain’s Chicago Business reported. The sale generated a 54% profit for seller FPA over what it paid for the property in 2017.
At about $168,000 per unit, it’s the fourth-biggest apartment sale in suburban Chicago since the beginning of 2021, Crain’s reported, citing data from Real Capital Analytics. For Beitel Group, the Rolling Meadows complex is its first Chicago-area multifamily acquisition, although it owns other properties locally along with 10,000 apartments in other markets.
Investors have been paying up for apartments in the Chicago suburbs, confident that occupancies will remain high and rents and property values will keep climbing, reported Crain’s. The median net suburban apartment rent rose 14.1% in 2021, the biggest annual increase since at least 2004, according to Integra Realty Resources.
