Nicholas & Associates sold a 267-unit apartment complex in Des Plaines, Illinois, in one of the largest suburban Chicago multifamily deals this year.
The property, located at 750 East Northwest Highway, changed hands in an $85.6 million deal, property records show. The price ranks as the fifth-highest for a multifamily property in Chicago and its surrounding suburbs this year, according to a TRD analysis of Cook County Records.
The highest price for a multifamily property in the region this year is $175 million. FPA Multifamily paid that amount for McClurg Court, a 1,061-unit apartment building in Downtown Chicago. The only other suburban property in the top five is Birchwood on Sterling in Palatine. Albion Residential bought the 719-unit apartment complex for $107.8 million last September.
Other deals in the top five include Ivanhoe Cambridge’s $103.3 million acquisition of a stake in 1351 South State Street and Lincoln Property’s $94.2 million purchase of the Bernardin Apartments at 727 North Wabash Avenue.
The East Northwest Highway property is a five-story complex that sits on a 258,778-square-foot lot near downtown Des Plaines. It is also known as the Buckingham Place Apartments. The development, built in 2018, has amenities such as a fitness studio and a pool.
The buyer is a joint venture that includes 601 Buckingham, LLC, PLT Buckingham, LLC and Silver Buckingham, LLC. The joint venture has the same business address as New York design and marketing firm Dov Designs. Dov Designs didn’t respond to a request for comment.
The buyers are funding the purchase with a $68 million mortgage. The lender is Commonwealth Annuity and Life Insurance Company.
Nicholas & Associates has eight residential projects in Illinois, according to its website. Its portfolio includes the Maple Street Lofts, a 192-unit luxury apartment property in Mount Prospect, and the Element at Veridian, a 260-unit residential complex that was built on the former site of the Motorola campus in Schaumburg.