The REIT's latest acquisition in the Chicago market is located across the street from the Metra commuter rail train station and north of downtown area that has undergone major retail and multifamily redevelopment.
Alexandria, VA-based AvalonBay plans to update the studio, one- and two-bedroom apartment units as well as common areas. The company says current rents average $1,230 per unit, or $1.45 per sf.
AvalonBay acquired 200 Arlington Place with proceeds from a 1031 exchange. The company now owns or has an interest in 136 apartment projects containing 40,041 units in 12 states and Washington, DC. Other suburban Chicago holdings include Avalon at Stratford Green in Bloomingdale, The Covington in Lombard, Avalon at West Grove in Westmont and Avalon at Danada Farms in Wheaton.
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