Suburban Chicago’s Elk Grove apartment sale adds to hot multifamily market

Orion Residential buys 192-unit residential building

Chicago /
Jan.January 11, 2022 09:00 AM
A rendering of 951 Charlela Lane in Elk Grove with Orion Residential's Daniel Gumbiner (Orion)

A rendering of 951 Charlela Lane in Elk Grove with Orion Residential’s Daniel Gumbiner (Orion)

A 192-unit apartment building in Chicago’s suburbs sold for $32.25 million, adding to investors’ expectations that the region’s multifamily housing market will continue to flourish during the pandemic.

Multifamily investment and operating company Orion Residential bought the complex at 951 Charlela Lane in Elk Grove, 23 miles northwest of Chicago, from Burton LLC, Cook County property records show. Orion is funding the purchase with a $22.8 million loan from Voya Investment Management.

A rendering of 951 Charlela Lane in Elk Grove (Orion)

A rendering of 951 Charlela Lane in Elk Grove (Orion)

The building’s website markets the apartments as “livable luxury.” One- and two-bedroom units ranging from 573 to 1,035 square feet start at $965 and go up to $1,400. Located on the west side of Elk Grove Village, the complex is 20 minutes from O’Hare International Airport and within two miles of major grocery stores including Aldi and Walgreens.

Owners of multifamily properties are seeking to capitalize on higher rents and increased occupancy in suburban Chicago after the pandemic. Occupancy rates for suburban apartments were at a five-year high of 97 percent in the second quarter of last year, a rise from 95 percent from the previous year, according to Integra Realty Resources.

The priciest multifamily property sale in the suburbs came in October. Albion Residential bought the 719-unit apartment complex in Palatine for $107.8 million last September. The highest price for a multifamily asset paid in 2021 was $175 million. FPA Multifamily paid that amount for its acquisition of McClurg Court at 333 Ontario Street in downtown Chicago.

Major multifamily suburban transactions in 2020 include a $104 million sale of a 321-unit Glenmuir apartment building in Naperville and $85.6 million deal of a 267-unit apartment complex in Des Plaines.

Orion Residential did not respond to requests for comment.

[contact author email= “[email protected] text=”Contact Connie Kim”]


Related Articles

arrow_forward_ios
Steve Konroyd and the property at 317 South Park Avenue in Hinsdale (Compass, Getty)
Ex-Blackhawks player, TV analyst Konroyd asking $4M for home
Ex-Blackhawks player, TV analyst Konroyd asking $4M for home
Fern Hill's Nick Anderson and render of Gold Coast condos (Fern Hill, LinkedIn)
Developer plans condo project in Gold Coast
Developer plans condo project in Gold Coast
1317 W Wrightwood Avenue (Google Maps)
Over neighbors’ objections, couple seeks to tear down Lincoln Park home to build rentals
Over neighbors’ objections, couple seeks to tear down Lincoln Park home to build rentals
From left: 33 Realty's Sean Connelly, Essex's Brian Karmowski and Interra Realty's Brad Feldman (iStock, 33 Realty, Essex, Interra Realty)
Surging rates cripple Chicago multifamily deals
Surging rates cripple Chicago multifamily deals
Dawn McKenna of Coldwell Banker Realty and 8737 Johnston Road in Burr Ridge (Coldwell Banker, Zillow)
Luxury home builder lists his own Burr Ridge mansion for $4.8M
Luxury home builder lists his own Burr Ridge mansion for $4.8M
2700 North Lakeview and Titanic survivor Emily Ryerson (Redfin, Encyclopedia Titanica)
A Chicago mansion built for Titanic survivor lists for combined $13.3M
A Chicago mansion built for Titanic survivor lists for combined $13.3M
227 N Redfield Ct in Park Ridge, IL with architect Don Erickson (Redfin, Don Erickson Architect Blogspot)
Mid-century Park Ridge home with private beach sells for $1M
Mid-century Park Ridge home with private beach sells for $1M
Coldwell Banker Realty's Chezi Rafaeli with 363 E Wacker Dr (Chezi Rafaeli)
Latest St. Regis condo sale is highest priced yet
Latest St. Regis condo sale is highest priced yet
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...