CHICAGO—The multifamily market in the Chicago area has tightened considerably, and investors have been buying up many properties, including ones that still need a little work to achieve full value.

Canyon Partners Real Estate LLC, through its Canyon Multifamily Impact Fund II, has just acquired a 730-unit apartment community in suburban Crest Hill about 40 miles southwest of downtown Chicago. The 17-building property, known as Woodlands of Crest Hill, totals 473,524 square feet across 17 acres. This was the first closing by CMIF II, which the company launched in November 2015.

Canyon certainly considers the suburban Chicago market quite attractive. As reported in GlobeSt.com, with CMIF I the company recently expanded its holdings here by purchasing Parkway Commons in Carol Stream. The 384-unit apartment community, then its fifth in the metro area, sits adjacent to Preserve at Carol Stream, a 285-unit apartment community that the CMIF acquired the previous September. Canyon officials said they would combine the properties to create a 669-unit community and enhance services to the residents.