An Indiana developer has bought The Winds at Poplar Creek, a 196-unit suburban apartment complex in Schaumburg, property records show.
Indianapolis-based Buckingham Companies acquired the property, at 1900 Windsong Drive, in a $39.4 million deal. The seller was Waypoint Residential, which bought the apartment complex, then known as Legacy at Poplar Creek, as part of a four-property portfolio in 2018.
The property consists of 20 two-story buildings that sit on a 13-acre lot. When it acquired the property, Waypoint announced plans for renovations, which included the addition of a fitness center and a dog park. The building contains a mix of one- and two- bedroom units ranging in size from 815 square feet to 1,070 square feet, according to a listing page from Apartments.com. Monthly rents in the property rang from $1,480 to $2,821.
Chicago has recently had an uptick in demand for apartments. According to the latest multifamily report from brokerage firm Marcus & Millichap, 9,900 units were leased from April through June, marking the strongest quarter in more than 10 years. Positive absorption was more pronounced in the suburbs, with renters seeking larger and cheaper apartments.
The surge in demand coincided with large multifamily deals across the city and its surrounding suburbs. Last July, Streeterville’s McClurg Court sold for $175 million, the highest price for a multifamily transaction in Chicago this year. Earlier this month, Albion closed the second-most expensive multifamily sale in the city this year, paying $107.8 million for the Birchwood on Sterling, a 719-unit apartment complex in Palatine.
Buckingham Companies is funding the acquisition with a $36.2 million loan. The lender for the mortgage is Connecticut firm Loancore Capital.