Tricap, Wolcott acquire big Hoffman Estates rental property

April 25, 2019 09:00AM

Tricap’s Bryan Pritchard and the Autumn Chase Apartments 

Tricap’s Bryan Pritchard and the Autumn Chase Apartments

Another big suburban rental complex has traded hands with Tricap Residential Group and Wolcott Group’s acquisition of a Hoffman Estates property.

The two Chicago firms teamed up to buy the 550-unit Autumn Chase Apartments at 725 Bode Circle, according to Crain’s. The partners agreed to pay $11.9 million for the property and assume the remainder of a $50 million loan that seller Northbrook-based Greenwood Capital Investments took out on it in 2015, for a total of about $60 million.

Tricap has bought apartment complexes of 263 units combined in the last 14 months in Crystal Lake, Woodridge and St. Charles. Tricap also picked up a 300-unit rental complex in Northwest Indiana in November for $19.4 million.

The firm’s Hoffman Estates deal comes on the heels of a Florida investor paying $47.8 million for a 367-unit apartment complex in nearby Schaumburg.

The market for suburban rental properties has been active in the last year, including Monument Capital Management’s $92 million acquisition of 731 units in two developments in Mount Prospect.

JPMorgan spent $80 million on an Elk Grove Village complex, while Dayrise bought another Hoffman Estates property for $104 million. And New York-based Azure Partners paid $72 million for the 300-unit Northgate Crossing complex in Wheeling. [Crain’s] — John O’Brien