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FPA Multifamily buys Downers Grove rental complex for $65M
The firm’s purchase of the Residences at the Grove adds to its recent Chicago-area acquisitions
FPA Multifamily bought a Downers Grove apartment complex, as it continues its rapid buildup of Chicago-area apartment properties.
The San Francisco-based investor paid $65 million for the 294-unit Residences at the Grove, 2845 Easton Street, from a joint venture led by Chicago developers Tom Moran and Tony Rossi, according to Crain’s.
Moran’s brokerage, Moran & Co., arranged the sale of the property, which has been renamed Renew at Downers Grove.
Rents range from $1,219 per month for a studio to $2,677 for a two-bedroom. The complex is 92.9 percent occupied.
FPA has bought more than 3,400 apartments in the Chicago area since the beginning of 2017, most recently the 332-unit Lex apartment building in the South Loop. It acquired that from Miami-based Crescent Heights for $114 million.
Data from Chicago-based Integra Realty Resources showed suburban rents increasing only slightly at of the end of the second quarter, suggesting a plateau after two years of larger increases. [Crain’s] — John O’Brien