Chicago’s hot suburban multifamily market got off to a scorching start in January with over 1,400 units trading just last week.
The marquee deal in Chicagoland was Osso Capital’s $110 million sale of the 730-unit Woodland of Crest Hill Apartments in Crest Hill to Bayshore Capital Partners.
Crown Point, Indiana-based Bayshore’s purchase comes out to $150,000 per unit, a publicly recorded deed shows. Records do not yet show a mortgage tied to Bayshore’s purchase of the complex at 1615 Arbor Lane. Representatives of Bayshore did not respond to a request for comment.
New York-based Osso Capital — which is led by Olivia John, a former member of Blackstone’s acquisitions team — bought the complex in 2023 for $95 million. Osso secured a $71 million loan originated by JLL Real Estate Capital and sold it off on the commercial mortgage-backed securities market, according to Will County records and CMBS tracking firm Morningstar Credit. John declined to comment on the sale.
The property was first listed in July. JLL’s Mark Stern brokered the deal on behalf of the seller.
Stern declined to comment on the sale, but said the market in general performed well in 2025 and is on track to improve in 2026. Listings often receive several offers, and institutional investors have started to come off of the sidelines, he said.
“It’s been a long time since everyone was focused on Chicago and the Midwest in particular,” Stern said.
Other recently closed suburban multifamily deals include the sales of The Arrowhead Apartments in Arlington Heights, The Fox Pointe Apartments in Aurora and The Carriage Creek Apartments in Richton Park, public records show.
The flurry of activity indicates that 2026 may be another busy year for Chicago’s suburban multifamily market.
During the first three quarters of 2025, Interra recorded 155 apartment building sales between $1 million and $50 million, compared with 115 deals in the same time price range during the same period in 2024.
The Chicago multifamily market in general performed well in 2025 due to a low supply of new units and steady job growth. But the suburbs have outperformed the city because investors perceive them as having more predictable political and property tax atmospheres.
The Arrowhead Apartments, Arlington Heights
In Arlington Heights, where speculation about a new Chicago Bears Stadium continues to circulate, the Hispanic Housing Development Corporation sold the Arrowhead Apartments to Artisan Capital Group, records show. Both firms are based in Chicago.
“Arrowhead Apartments aligns with our investment approach of targeting stable, well-positioned communities in markets we know well,” Artisan co-founder Ryan Cahalan said in a news release about the purchase.
Artisan, led by Cahalan and Michael Perry, bought the 200-unit complex for $31.4 million or about $157,000 per unit. Public records do not yet show a new mortgage recorded against the property.
The HHDC, led by Tony Hernandez, originally bought the Arrowhead Apartments at 1950 Cambridge Court for $23.6 million in 2018 with a $18.8 million mortgage from First America Bank, according to Cook County records.
Representatives of HHDC did not respond to requests for comment.
The Fox Pointe Apartments, Aurora
About 40 miles west of Chicago, a Miami-based investment firm bought a 248-unit apartment complex known as The Fox Pointe Apartments at 2074 Fox Point Circle in Aurora.
Palatine Capital Partners, led by Alex Hurst, paid $40.1 million for the property, or about $162,000 per unit. The complex offers discounted rents with support of the Low Income Housing Tax Credit program. Hurst said Palatine specializes in such investments and has been looking to expand its presence in the Chicago area.
“The Chicagoland market has been overlooked and under-capitalized by investors for the past couple of years,” he said. We think the fundamentals look really good.”
The seller, Jeb Scherb’s Chicago-based Ameritus, originally bought the apartment community in 2020 for $25 million. It secured a $17.9 million mortgage that was originated by Grandbridge Real Estate Capital and sold off on the CMBS market, according to Kane County records and CMBS tracking firm Morningstar Credit.
Representatives of Ameritus did not respond to requests for comment.
The Carriage Creek Apartments, Richton Park
A longtime owner cashed in on the Carriage Creek Apartments by selling them for $11.9 million to Chicago-based Bender Companies. The sale of the 226-unit tower at 22400 Butterfield Road in the south suburb of Richton Park came out to about $53,000 per unit.
It’s unclear how long the seller, local investor Daniel Kotcher, owned the complex, but he took out a $7.5 million mortgage against the property in 2013, records show.
Kotcher could not be reached for comment, and representatives of Bender Companies did not respond to requests for comment.
Marcus & Millichaps’ Ryan D. Engle and Andrean Angelov represented the buyer and the seller in the deal.
Editor’s note: this post has been updated to include comments from Artisan Group and Palatine Capital Partners.