Multifamily Still a Hot Chicago Commodity

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.”