CHICAGO—Luxury apartments in the city have attracted a lot of investor interest lately, but multifamily developments in the suburbs just adjacent to Chicago are also selling for healthy prices. The owners of Kingston Pointe, for example, just sold the 144-unit multifamily property at 1646 River St. in Des Plaines to San Francisco-based Friedkin Realty Group for $42 million. The Des Plaines Metra station is only a two blocks away, giving residents easy access to downtown Chicago.
“Suburban luxury apartments in transit-oriented developments continue to attract renters and investors alike,” says John Jaeger of CBRE. Along with his colleague Dan Cohen, he represented ownership in the sale. “The convenience and flexibility they offer to residents, ranging from young professionals to empty nesters, has become a very popular lifestyle choice for many.”
Kingston Pointe, located in downtown Des Plaines, offers one, two, and three-bedroom units featuring floor-to-ceiling windows, stainless steel appliances, granite countertops and in-unit washer/dryers. Amenities include fitness center, swimming pool, on-site management and heated garage parking. The location, as well as retail, restaurants, grocery stores and entertainment options.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.