Another suburban Chicago apartment complex has hit the market.
After selling the 321-unit Glenmuir in Naperville in June, Ohio real estate investor Connor Group hired ARA Newmark to sell another complex in Glenview, Crain’s Chicago Business reported.
Tapestry, a 290-unit property located at 2550 Waterview Drive in the incorporated village, was added to Connor Group’s portfolio in 2017 when the investor purchased the complex for $81.4 million — or about $281,000 per unit.
The proposed sale of the complex now reflects a growing trend as owners of multifamily properties seek to capitalize on higher rents and increased occupancy in the area.
Glenmuir fetched $104 million for Connor Group this year — a 68 percent gain from the $61.8 million it paid for the property in 2014. The sale also represented the highest price paid for a multifamily property in suburban Chicago since October 2018.
The suburbs aren’t the only place for investors to find multifamily apartment deals in the region. In downtown Chicago, multifamily properties have been flooding the market as the balance of power shifts back to the landlords after the Covid-19 pandemic forced some to offer discounts on rent.
Some big apartment complexes to come on the market in downtown Chicago include the 548-unit Shoreham in Lakeshore East, the Bernardin in River North and 1407 on Michigan.
With the supply of housing becoming more and more scarce, the median rent for an apartment in Chicago is on the rise and has been steadily rising for the past seven months.
Connor Group owns other nearby properties including the 306-unit Wheaton 121 in Wheaton and the 586-unit Stonebridge Village in Arlington Heights.
Tapestry’s financial data shows that the property experienced a roughly 18 percent drop in net operating income from 2019 to 2020, likely due to the Covid-19 pandemic.
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[Crain’s] — Victoria Pruitt