Trending
Invesco selling 306-unit apartment complex in Wheaton
The firm is looking to cash in on a prolonged boom in the suburban rental market
Looking to seize on the sustained boom in the suburban apartment market, Invesco put on the market a 306-unit complex in Wheaton that it bought three years ago.
The Atlanta-based pension-fund adviser hired HFF to sell Wheaton 121, which opened in 2014 at 121 North Cross Street in the west suburb, according to Crain’s. Invesco acquired the complex for $95.8 million.
Suburban rents grew 6.9 percent last year and were expected to rise significantly in 2018, according to an April report from Marcus & Millichap.
HFF is pitching the complex as a trophy property close to a Metra stop. Half its tenants earn more than $100,000 a year, according to an HFF marketing brochure.
Wheaton 121 was 96 percent occupied when it went on the market in late April, according to the brochure. Average rent is $1,919 per month, or $2.14 per square foot.
The sale would join other recent big suburban apartment transactions, like JPMorgan’s $80 million purchase of an Elk Grove Village complex, Dayrise’s $104 million deal for a Hoffman Estates complex and Azure Partners’ pickup of a Wheeling complex for $72 million, [Crain’s] — John O’Brien