(To read more on the multifamily market, click here.)

AURORA, IL-American Realty Advisors, based in Glendale, CA, has purchased Fox Valley Villages, a 420-unit apartment complex at 710 S Eola Rd. The complex, which was built in two phases between 1985 and 1990, has 403,760 sf of rentable space with rental rates ranging from $830 for a 730-sf unit to $1,250 for a 1,330-sf unit. The owner was not disclosed.

The firm purchased the apartment complex for a reported $46 million with a reported expected capitalization rate of 4.5%. Peter Evans with Moran & Co. marketed the property. A spokeswoman for American would not disclose the terms of the sale. The firm also owns another apartment complex in Aurora and an apartment complex in Naperville. Kirk Helgeson, principal and managing director of investments, said in a statement that "the Chicago apartment market is well-positioned to reap the benefits of a strengthening economy, high barriers to entry, stable income streams and upward trending rental rates."

American is planning a renovation of the interiors of 408 of the units. In 2006, 12 of the units underwent interior renovations, and the firm will complete the improvements on the rest of the units. Renovations will include new kitchens, bathrooms, cabinets, countertops, flooring, lighting and closet doors, a spokeswoman says.