Here are the top 5 Chicago-area multifamily sales of April

By Joe Ward |
Research by Haru Coryne
May 17, 2019 04:00PM

Three of the top five multifamily sales

Three of the top five multifamily sales

Avanath’s purchase of an Uptown affordable housing complex was the biggest multifamily sale of April, in what was an otherwise slow month for the sector.

The California firm’s $28 million acquisition of the Scotland Yard complex accounted for nearly half the total spent on April’s five biggest multifamily deals, an analysis of property records shows.

The $58.6 million spent on last month’s five biggest sales is just a fraction of the $330 million spent on March’s biggest deals. February’s five biggest multifamily deals traded for $239 million, more than double the $115 million spent in January but less than the $245 million recorded in December.

After the Avanath purchase, April’s second- and third-biggest deals were for suburban apartment complexes, both of which sold in the $11 million range.

All prices are drawn from Cook County property records.

1. 4215 North Broadway | $28.3 million

The purchase of the 156-unit Scotland Yard complex in Uptown is Avanath’s latest acquisition in its Chicago affordable housing buying spree. Avanath bought at least four properties in the area since 2018, including spending $15.5 million for an Old Town complex in March. The Scotland Yard complex is income-restricted and is open to seniors and families.

2. 725 Bode Circle, Hoffman Estates | $11.9 million

Two Chicago firms teamed up to by the 550-unit Autumn Chase Apartments in suburban Hoffman Estates, with Tricap Residential Group and Wolcott Group spending nearly $12 million for the property. The buyers also picked up nearly $50 million in debt that seller Greenwood Capital Investments took out on the property in 2015. Tricap bought over 550 rental units in the market in the last 14 months.

3. 4791 Hickory Creek Drive, University Park | $11.2 million

Peak Capital Partners bought this south suburban multifamily complex for just over $11 million, representing its first acquisition in the Chicago market. The Arbors at Hickory Creek is a 176-unit complex with a number of units designated for housing voucher recipients. Selling the property was the New Jersey-based Michaels Organization.

4. 6700 South Merrill Avenue | $4 million

This nearly century-old apartment building in South Shore was sold to Tyler Deroo and Stephen Lee, who are partners at Capital Investors. The building includes 50 units primarily made up of one- and two-bedrooms and is across the street from Jackson Park. Selling the property was Icarus Investment Group.

5. 541 North Pine Avenue | $3.2 million

Pilsen-based Villa Capital Partners picked up this Austin multifamily building for $3.2 million. The three-story building was constructed in 1928. It is not known how many units it contains. Selling the property was Kristine Jurmu.