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.