Draper & Kramer bought a 180-unit rental complex in Schaumburg, adding to its substantial Chicago-area rental portfolio.
The Chicago firm said it acquired the North 680 property at 680 East Algonquin Road from a partnership of Cincinnati-based North American Properties and Chicago-based UrbanStreet Group as part of a “1031 exchange,” after selling a 318-unit complex in Maryland Heights, Missouri. The exchange allows investors to defer capital gains taxes after a real estate sale by quickly buying a similarly-priced property.
Draper & Kramer did not release the sale price, but Real Estate Journal reported it paid $50 million for the complex.
CBRE brokered the deal.
The year-old North 680 complex includes four apartment buildings along with four townhomes. Units range from 665 to 1,588 square feet.
Draper and Kramer said it has a portfolio of more than 10,000 rental units across Chicago, St. Louis, San Antonio and Minnesota.
Suburban Chicago rents hit record highs this year, though overall rent growth appeared to be slowing, according to a report from Integra Realty Resources.
That hasn’t deterred investors, as a number of suburban Chicago properties have traded hands recently. Redwood Capital Group bought a 231-unit apartment building in southwest suburban Orland Park for $70 million from Reva Development, which also sold a 300-unit complex in Wheeling to Azure Partners for $72 million in April.