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Chicago

Out-of-state investor scoops up Schaumburg rental complex for $48M

Legend Group sold the 367-unit Legend Park Apartments, which marked latest pricey trade of a suburban rental property

Pensam Capital founding partners Michael Stein, Gavin Beekman, and Joe Ackerman with the Legend Park Apartments at 305 Cambia Drive (Credit: BH Management and Pensam)
Pensam Capital founding partners Michael Stein, Gavin Beekman, and Joe Ackerman with the Legend Park Apartments at 305 Cambia Drive (Credit: BH Management and Pensam)

UPDATE, April 23, 8:50 a.m.: Pensam Capital bought a Schaumburg rental complex for $47.8 million in the latest big-ticket suburban apartment trade.

The Florida-based investment firm also secured a $38.3 million loan from Berkadia to help fund the acquisition of the 367-unit Legend Park Apartments on Cambia Drive, according to Cook County property records.

The seller was the Legend Group, a Chicago firm led by partners Ralph Robbins, Sheldon Ashman and Allen Schectman.

A Pensam spokesperson did not immediately return a call seeking comment.

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Pensam’s deal comes five months after Draper & Kramer paid $50 million for a 180-unit apartment complex in Schaumburg.

Suburban Chicago rents hit record highs last 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.

This story has been updated with the correct purchase price.