CHICAGO— Prime Property Investors, Ltd. has just sold The Arbors of Brookdale in suburban Naperville, a 281-unit, class A apartment community, for $60 million to an undisclosed buyer. The roughly $214,000 per unit price gave the Northbrook, IL-based Prime a sizable windfall. It The fully-stabilized property was 100% occupied at closing, one of the factors which brought out so many interested parties. But Barbara J. Gaffen , co-chief executive officer of PPI, tells GlobeSt.com that Naperville has other qualities that buyers appreciate. “There are significant barriers to entry for new construction apartment complexes in Naperville due to limited land availability of the required scale to build a suburban garden style complex,” she says. “Additionally high construction costs push the upper limit of available market rent in suburban Chicago.” Not surprisingly, investor interest was high. “The sale process attracted 20 highly qualified offers from a range of institutional and private equity investors with a national acquisition focus,” Gaffen adds. The Arbors of Brookdale is located just two miles from the I-88 Corridor. Situated on 26 landscaped acres, t consists of thirty-five buildings, a clubhouse and 138 private garages. All 281 apartment homes are corner units with private direct entry doors. The clubhouse contains the leasing and management office, as well as indoor and outdoor pools, Jacuzzi, sauna, fitness center and business center. Additional amenities include two tennis courts and a children's playground. “The Arbors is a special property in the growing Naperville sub-market,” Gaffen says, “and a proven value-add opportunity for a new buyer.” It seems like many investors feel it's a good time to buy multifamily properties in the Naperville area. As reported in GlobeSt.com, Origin Capital Partners and Randolph Street Realty Capital formed a joint venture in 2015 to acquire the Iroquois Club , a multifamily apartment complex in Naperville where a condo conversion project stalled out years ago. The purchase price of that complex was about $38 million. Also in 2015, American Realty Advisors sold a class A, 368-unit community in nearby Aurora that it renovated about six 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. PPI was represented by a Chicago-based team from CBRE consisting of executive vice presidents Dan Cohen and John Jaeger , and senior associate MJ Zaring . Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more. CHICAGO— Prime Property Investors, Ltd. has just sold The Arbors of Brookdale in suburban Naperville, a 281-unit, class A apartment community, for $60 million to an undisclosed buyer. The roughly $214,000 per unit price gave the Northbrook, IL-based Prime a sizable windfall. It The fully-stabilized property was 100% occupied at closing, one of the factors which brought out so many interested parties. But Barbara J. Gaffen , co-chief executive officer of PPI, tells GlobeSt.com that Naperville has other qualities that buyers appreciate. “There are significant barriers to entry for new construction apartment complexes in Naperville due to limited land availability of the required scale to build a suburban garden style complex,” she says. “Additionally high construction costs push the upper limit of available market rent in suburban Chicago.” Not surprisingly, investor interest was high. “The sale process attracted 20 highly qualified offers from a range of institutional and private equity investors with a national acquisition focus,” Gaffen adds. The Arbors of Brookdale is located just two miles from the I-88 Corridor. Situated on 26 landscaped acres, t consists of thirty-five buildings, a clubhouse and 138 private garages. All 281 apartment homes are corner units with private direct entry doors. The clubhouse contains the leasing and management office, as well as indoor and outdoor pools, Jacuzzi, sauna, fitness center and business center. Additional amenities include two tennis courts and a children's playground. “The Arbors is a special property in the growing Naperville sub-market,” Gaffen says, “and a proven value-add opportunity for a new buyer.” It seems like many investors feel it's a good time to buy multifamily properties in the Naperville area. As reported in GlobeSt.com, Origin Capital Partners and Randolph Street Realty Capital formed a joint venture in 2015 to acquire the Iroquois Club , a multifamily apartment complex in Naperville where a condo conversion project stalled out years ago. The purchase price of that complex was about $38 million. Also in 2015, American Realty Advisors sold a class A, 368-unit community in nearby Aurora that it renovated about six 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. PPI was represented by a Chicago-based team from CBRE consisting of executive vice presidents Dan Cohen and John Jaeger , and senior associate MJ Zaring . Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.