Chicago & Midwest + Greater Chicagoland + Apartments | April 30, 2022

Orion Residential has hired JLL to markets its suburban Chicago portfolio, which could sell for more than $360 million

Suburban Chicago Apartment Portfolio Could Fetch $360M

Deerfield, IL-based Orion Residential has hired JLL to sell a 1,717-unit apartment portfolio in Chicago’s suburbs, Crain’s Chicago Business reported. With investors paying high prices for multifamily properties in the suburbs, the portfolio could trade for more than $360 million.

Up for sale is the entirety of Orion’s suburban Chicago portfolio: Orion 59 in Naperville, Orion Parkview and Orion Prospect in Mt. Prospect, and Orion Arlington Lakes in Arlington Heights. The company has several properties in Texas and in Ann Arbor, MI.

Orion acquired the portfolio in 2018 from Lone Star Funds, reported Crain’s. The company also invested about $12 million in the portfolio after its acquisition, according to JLL.

JLL is marketing the portfolio as a value-add opportunity, Crain’s reported. The garden-style complexes, which opened in the 1970s and 1980s, are described as workforce housing, with average rents of $1,290 per month.

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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).