CHICAGO—Origin Investments, in partnership with Draper and Kramer, Inc. and LEM Capital, has completed the acquisition of Village Park of Palatine, a 448-unit apartment complex in northwest suburban Palatine, IL. The class B property sold for about $48 million, or $107,000 per unit.
Investors have been eager to buy up multifamily developments in the suburbs due to strong tenant demand and the prospects for future job growth. But investors have been so enthusiastic that few value-add prospects like this remain.
“A lot of these opportunities have already been executed this cycle,” Thomas Briney, vice president of acquisitions for Origin, tells GlobeSt.com. In the case of Village Park, the previous owner looked at it as a source of cash flow. “This property has been starved of fresh capital for well over a decade.”
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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.
