American Realty selling large suburban rental complex

TRD CHICAGO /
Jul.July 05, 2018 01:30 PM

American Realty chairman and CEO Stanley Iezman

American Realty Advisors is selling a 294-unit rental complex in Downers Grove, joining a growing list of suburban developments either on the block or trading hands.

Brokerage Moran & Co. is marketing the 16-acre Residences at the Grove complex at 2845 Easton Street for Los Angeles-based American Realty. Moran’s managing partner in Chicago, Pete Evans, declined comment on the listing, citing confidentiality agreements.

But Real Estate Alert reported the complex could attract bids of roughly $75 million, or $255,000 per unit.

The nine-year-old complex features three seven-story buildings with 270 apartments and five three-story buildings with 24 townhomes near the intersection of Interstate 355 and Butterfield Road. It is 94 percent rented, roughly in line with the overall suburban occupancy rate.

In April, Marquette Companies teamed up with JPMorgan Investment Management to buy the 579-unit Willow Crossing development in Elk Grove Village for $80 million, or $138,000 per unit. Marquette secured a $56.5 million loan from Wells Fargo for the acquisition.

Dayrise, meanwhile, spent $104 million for a Hoffman Estates complex and Azure Partners picked up a Wheeling complex for $72 million.

And Invesco has hired HFF to sell the Wheaton 121 complex it bought in 2014 for $95.8 million.

Suburban rents grew 6.9 percent last year and were expected to rise significantly in 2018, according to a recent report from Marcus & Millichap.


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