Chicago
Affordable housing project on Near North Side snags zoning change
Trending
700-unit suburban apartment complex sells for over $100M
Buyer Albion Residential will pour $20M more into apartment upgrades; makes deal among priciest of its kind in 3 years
Albion Residential has acquired a Palatine apartment complex, paying over $100 million in one of the priciest suburban deals of its kind in three years.
The firm bought the 719-unit Birchwood on Sterling at 975 Sterling Ave., Crain’s reported. Albion said it plans to spend another $20 million on improvements at the 50-acre property, according to the report.
Occupancy is now at around 90 percent, and the planned improvements will lead to rent increases, according to the report. Rents are now about $1,200 per month or $1.35 a foot.
The sale comes as the suburban Chicago apartment market has been heating up in recent months.
Birchwood opened in the 1970s as an apartment complex, then was converted to condos in 2006 with a new owner, according to the report. But the condo market sank and it was converted back into apartments.
Albion’s other properties include the 268-unit Albion Evanston and the 265-unit Albion Oak Park. Also, Albion Highland Park is a 161-unit project and the developer is planning a second phase that will add 89 units.
In Glenview, Connor Group just listed the 290-unit Tapestry apartment complex.
Read more
Affordable housing project on Near North Side snags zoning change
[Crain’s] — Victoria Pruitt