Hoffman Estates apartment complex trades for $104M

The buyer, an entity tied to multifamily manager Dayrise, also secured an $82M acquisition loan

May.May 18, 2018 04:30 PM

The Reserve at Hoffman Estates (via Dayrise)

An apartment complex in suburban Hoffman Estates traded for $104 million, according to property records.

ICS Hoffman Estates LLC, an entity connected to Houston-based multifamily manager Dayrise, purchased the Reserve at Hoffman Estates complex. Dayrise secured an $81.5 million acquisition loan from Greystone.

The seller was Bahrain-based Investcorp.

The 17-acre complex includes 21 three-story buildings with one- and two-bedroom apartments. Amenities include a dog park, swimming pool, and a gym.

News broke last month that New Jersey developer Somerset Development was in talks to buy the massive 120-acre former headquarters of AT&T in Hoffman Estates.

Somerset received approval from Hoffman Estates village officials earlier this week for the project it dubbed “City Works,” which will include 375 apartments, 175 townhouses, retail, offices and hotel rooms. It is similar to what Somerset did at the former Bell Labs headquarters in Monmouth County, New Jersey.

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