CHICAGO—Stadt Group Ltd. has just acquired Timber Creek Apartments in suburban Woodridge for $25 million in a joint venture with Buffalo-based real estate firm Sinatra & Co. Real Estate. In doing so, the firms have continued a recent trend that has seen a host of investors buy up comparable suburban multifamily properties and pour money into renovations that position the properties for sales or as long-term investments.
This 304-unit multifamily complex was built in 1975 and sits on 17.3-acres at 3421 Foxboro Dr. The acquisition mirrors Stadt Group's 2012 purchase of the 300-unit Woodbury Place in Schaumburg. The Chicago-based firm paid $19.6 million, and then launched a comprehensive renovation of the property's interiors and exteriors. It has a similar value-add strategy for Timber Creek, and plans to help the 92% leased community meet market expectations by doing complete unit renovations and adding amenities.
“We have gotten a lot of compliments on the work we did at Woodbury, and want to do the same for Timber Creek,” Peter Gerhold, CEO and principal of Stadt, tells GlobeSt.com.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
