Wingspan Development Group is looking to capitalize on a booming multifamily market in suburban Chicago, as it just put an apartment portfolio with more than 300 units up for sale in Mount Prospect.
Nick Papanicholas Jr.’s firm has hired Berkadia to market the 192-unit Maple Street Lofts, at 207 South Maple Street; the 71-unit 20West, at 20 West Northwest Highway; and the 64-unit Dawson, at 235 East Prospect Avenue, which is under construction, the Daily Herald reported.
Despite the listing, Mount Prospect-based Wingspan remains bullish on the northwest suburb and will continue its efforts to revitalize downtown.
We’re extremely proud of all our developments in Mount Prospect but especially what we’ve been able to bring to the village’s downtown,” Papanicholas told the outlet. “Everyone who has seen 20West, Maple Street Lofts and the Dawson has been really impressed and loves what’s going on in the downtown.”
Wingspan is open to selling the portfolio as a whole or individually, Crain’s reported. The asking price hasn’t been revealed.
Multifamily investors are flocking to Chicagoland amid strong, sustainable rent growth, especially in comparison to coastal and Sun Belt markets experiencing declining rents and oversupply challenges.
“We have the most durable income stream in the country, and people are looking for more stable cash flow today,” Berkadia’s Pete Evans told Crain’s. “Other areas of the country are experiencing declining fundamentals while we’re not.”
Maple Street Lofts, completed in May 2021, boasts occupancy of 97.4 percent, with rents ranging from $1,800 to $3,200 per month. Similarly, 20West, completed in October 2019, is 95.8 percent leased, offering rents between $1,700 and $7,300 per month.
Construction of the Dawson is slated for completion in June.
—Quinn Donoghue
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