Multifamily investor looks to cash in on strong suburban market
Connor Group lists 320-unit Naperville complex for $100M
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.
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.