Tricap, Wolcott acquire big Hoffman Estates rental property
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