A mobile home park in Des Plaines sold for $52 million last month, as activity in Chicago’s multifamily market continues to pick up across multifamily sub-sectors.
A venture of Northbrook-based manufactured home specialist Ravinia Communities bought the 600-lot Oasis Mobile Home Park from its longtime owners, the Magnus family, who are based in the greater New York City area. The price amounted to $87,000 per lot.
The Oasis Mobile Home Park is managed by Sherman Residential, a real estate investment firm also based in Northbrook. Sherman may have an ownership stake in the mobile home park as well.
The purchase was supported by a $42 million loan from Berkardia.
Strong rent growth in the region has attracted buyers to all kinds of multifamily properties. On the outer edges of Chicago, like Rogers Park and Beverly, mid-size apartment buildings have been drawing interest.
On the far North Side of Chicago in Rogers Park, a portfolio of three courtyard-style buildings totaling 115 units sold for $16.1 million in March. The price came out to about $140,000 per unit. Similarly, Chicago-based investor David Pezzola bought a portfolio of 110 units in the far South Side neighborhood of Beverly for $16.3 million around the same time.
Jennifer Pritzker, President and CEO of Tawani Enterprises and cousin to Gov. J.B. Pritzker, recently sold a six-building Rogers Park portfolio for $45 million. The sale of the 263-unit portfolio to Silver Property Group came out to $171,000 per unit.
Sprawling complexes in the suburbs have commanded considerable price tags.
A venture of Chicago-based Laramar, last week sold a 242-unit suburban Warrenville complex, The Westlyn, for $59 million or about $245,000 per unit.
Sellers behind a string of recent listings are hoping to cash in on the region’s momentum. In June alone, about half a dozen new large scale multifamily listings hit the market.