CHICAGO—It seems like many investors feel it's a good time to buy multifamily properties in the Chicago area. American Realty Advisors, for example, has just sold a class A, 368-unit community in suburban Aurora that it renovated about five years ago. The property, located at 1840 Clubhouse Dr., was purchased by the Miamisburg, OH-based Connor Group for an undisclosed amount, its second multifamily community in the Aurora-Naperville area.

“Institutional and private equity investor interest in high-quality multi-family product throughout this region is currently strong,” says Martha Shelley, a portfolio manager at ARA, which has more than $7 billion in assets under management. “Investors are actively seeking core assets in Chicago submarkets, which made this disposition well-timed to deliver a strong return on behalf of our investors.”

A spokesperson for Connor told GlobeSt.com that “by contract we are asked not to disclose information on the apartment community.” The company has multifamily properties in the metro areas of Atlanta, Austin, Charlotte, Cincinnati, Columbus, Dallas, Dayton, Nashville and Raleigh-Durham. It also has plans to buy property in the Denver area.