The Bender Company cashed in on suburban Chicago’s multifamily hot streak by selling a Carol Stream apartment complex for $54 million, or $184,000 per unit.
The Chicago-based company, led by Kurt Bender, bought the property for $37 million in 2022.
Buyer Highland Vista Properties likely will hold onto the 293-unit complex for some time. The firm specializes in long-term multifamily investments, according to its website.
The property, which is in Du Page County, fits into Denver-based Highland’s investment criteria because it’s a low supply market with a steady population and strong job growth.
Chicago’s suburban multifamily market has been on fire, while once-hot regions like the Sun Belt cool off amid oversupply.
The 1970s-era property also presents an opportunity for rent growth, according to JLL marketing materials. Investors have been circling Du Page county because of its proximity to Chicago without the unpredictable nature of Cook County property taxes.
The property was 95 percent occupied when it listed and had a 77 percent average retention rate over the past three years. JLL’s Kevin Girard, Mark Stern and Zachary Kaufman represented the seller.
The sale, which closed last week, comes on the heels of another suburban multifamily sale in the southwest suburb of Justice.
Chicago-based Waterton sold the Oaks and Laurels of Willow Hill, a 749-unit suburban apartment community in Justice to Santa Monica, California-based Turner Impact Capital, public records show. The sale of that complex, which is about 20 miles southwest of Chicago, came out to about $110,000 per unit.
Bender is still adding to its portfolio as well. A year ago, the company bought the Arrive at Town Center, an 85-unit apartment complex with 10,000 square feet of ground floor retail in north suburban Vernon Hills, from California-based firm FPA Multifamily.