Chicago-based Trilogy buys multifamily property in Logan Square

The 138-unit building sells less than four years after it was built

2340 North California Avenue (Apartments)
2340 North California Avenue (Apartments)

Chicago-based Trilogy Real Estate said Monday it bought a 138-unit building at 2340 N. California Ave. in Logan Square.

Trilogy declined to provide a sale price or confirm the address, according to Jennifer Franklin, a spokeswoman. A development at the North California Avenue address described in local news stories in 2017 matches the description Trilogy provided in a press release for the acquisition: a six-story, 138-unit, Class A multifamily community built in 2018 and located within 300 feet of a metra station. Those reports said the development would be finished in 2018.

A website for the luxury apartment community, dubbed Noca Blu, links to Trilogy Residential Management, Trilogy’s affiliated property management company.

The property consists of one- and two-bedroom apartments and 8,800 square feet of fully occupied ground-floor commercial space, according to the release. Amenities include a rooftop deck, granite countertops, stainless steel appliances and in-unit washers and dryers. Common areas include coworking space, a fitness center, grills and a bocce court.

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“We are very excited to have acquired the first property within the Trilogy Multifamily Income & Growth Holdings offering,” Matt Leiter, CFO of Trilogy, said in a press release. “Our capital raise and a rapidly expanding selling group are strong indicators that investors are eagerly seeking investments offering attractive current income with upside potential and we believe this property delivers on both fronts.”

In 2017, Curbed Chicago reported the original developers, Hunt Investment Management and Savoy Development, endured several setbacks before breaking ground on the project.

Trilogy said in its statement that the buyer was Trilogy Multifamily Income & Growth Holdings, a regulation A+ bond offering sponsored by Trilogy Real Estate Group. It also said the company plans to add multiple properties over the coming months. The company in July acquired a luxury apartment property in Park Ridge.

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