The Real Deal 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
By John O’Brien | November 23, 2018 11:00AM

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.

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.