CHICAGO—The appeal of west suburban multifamily developments has brought about another significant purchase, this time by an investor which has already poured a lot of money into the region. Sinatra & Co. Real Estate has acquired Fox Valley Villages in Aurora, IL, for $53.75 million in a joint venture with Chicago-based residential property management and acquisitions firm, Stadt Group, and a majority equity investment from Torchlight Investors, an independent asset manager focused on commercial real estate investments. Chicago-based Moran & Co. brokered the transaction.

The 420-unit garden-style apartment community located on 20.93 acres at 710 S. Eola Rd. is comprised of 18 three-story residential buildings developed over two phases in 1985 and 1990, a stand-alone clubhouse completed in 2005, and three detached garage buildings. It is Sinatra's third asset in the Chicago real estate market. The Sinatra-Stadt joint venture purchased Orchard Village Apartments, also in Aurora, for $34.5 million in November 2015 and Timber Creek Apartments in Woodridge, IL for $25.017 million in June 2016.

As reported in GlobeSt.com, 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 few value-add prospects remain.