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Chicago

Tricap Residential buys 300-unit apartment complex in Hobart

The Chicago-firm paid $19M for the Lake in the Woods complex in NW Indiana

Lake in the Woods at 333 Neringa Lane and Tricap Residential Group's Bryan Pritchard (Credit: Apartments and Tricap)
Lake in the Woods at 333 Neringa Lane and Tricap Residential Group's Bryan Pritchard (Credit: Apartments and Tricap)

Tricap Residential Group bought the 300-unit Lake in the Woods apartment complex in Hobart, Indiana, for $19.4 million.

The purchase of the complex at 333 Neringa Lane from Bayshore Properties gives Chicago-based Tricap two multifamily properties in the Northwest Indiana suburb. It also owns the 186-unit Hampshire Park complex at 400 North Lake Park Avenue.

33 Realty’s Tara Mathew and Berkshire Hathaway’s George Kokkonas represented Tricap in the acquisition.

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Tricap owns rental communities in Illinois, Indiana, Ohio and Tennessee.

Hobart is just over the border from Lansing, where Bayshore earlier this year secured a $26 million refinancing on the 354-unit Riverwoods Apartments complex.

Apartment rents in Chicago’s suburbs hit record highs this year but may be headed for a plateau after overall rent growth slowed.

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ApartmentsCommercial Real Estate