Multifamily Properties Keep Trading Hands

Timber Creek Apts. in suburban Woodridge is well-occupied, but needs renovations to meet market expectations.

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.