Multifamily investor looks to cash in on strong suburban market

Connor Group lists 320-unit Naperville complex for $100M

Chicago /
Mar.March 31, 2021 10:48 AM
2064 Rockport Lane in Naperville with Connor Group managing partner Larry Connor (Google Maps, Connor Group)

2064 Rockport Lane in Naperville with Connor Group managing partner Larry Connor (Google Maps, Connor Group)

A luxury apartment investor has listed a 321-unit Naperville complex, looking for a big return amid a strong suburban multifamily market.

Connor Group acquired the Glenmuir for $62 million in 2014 and is reportedly seeking $102 million, according to Crain’s, citing the publication Real Estate Alert. The figure far exceeds a recent $80 million appraisal. Ohio-based Connor hired Newmark to market the property at 2064 Rockport Lane, according to the report.

While Downtown Chicago rentals have been struggling, the suburban market has performed well through the pandemic.

Suburban occupancy improved to 95.4 percent at year-end, up slightly from the same time a year earlier.

Prices also rose, another indication that renters were seeking more solitude and space outside the city.

The Glenmuir complex of low-slung buildings spread across 20 acres is nearly fully occupied, with monthly rents averaging around $1,700, according to the report. Connor, led by managing partner Larry Connor, landed a $50 million refinance on the property in 2019.

The company, which says it has more than $3 billion in assets, operates in 15 markets and has been a particularly active buyer in the Chicago area, according to the report.

[Crain’s, REA] — Alexi Friedman


Related Articles

arrow_forward_ios
MZ Capital Partners' Michael H. Zaransky with Old Post Office (MZ Capital Partners, 601W, iStock) Chicago, 24M
Old Post Office owner 601W pays $24M for more suburban Chicago apartments
Old Post Office owner 601W pays $24M for more suburban Chicago apartments
Regency Centers' Nick Koglin with Naperville Plaza (Regency Centers, Loopnet)
Northpond Partners turns profit on sale of Naperville shopping center for $52M
Northpond Partners turns profit on sale of Naperville shopping center for $52M
263 Shuman Avenue in Naperville and Opal Holdings' Shaya Prager (Wright Heerema Architects, Opal Holdings)
New York investor extends Chicago buying spree with former OfficeMax HQ
New York investor extends Chicago buying spree with former OfficeMax HQ
Naperville home hits market with record asking price just below $15M
Naperville home hits market with record asking price just below $15M
Naperville home hits market with record asking price just below $15M
Redwood Capital Group co-founders David Carlson and Mark Isaacson. (Redwood Capital, Dwell)
400-unit Naperville complex lists as suburban market improves
400-unit Naperville complex lists as suburban market improves
1751-1771 W. Diehl Road and Stabilis Capital Management CEO Salman Khan (LoopNet; Stabilis)
Stabilis lists Naperville office complex amid rising interest in suburban market
Stabilis lists Naperville office complex amid rising interest in suburban market
Chicago Suburban Real Estate Market Rebounds
The Chicago suburbs are back!
The Chicago suburbs are back!
28 W 660 Perkins Court (Credit: @properties via Crain's)
Naperville mansion sells in biggest resi deal since 2008
Naperville mansion sells in biggest resi deal since 2008
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...