TPG Lists Payton Place Apartments Near Arlington Racecourse

As the Chicago Bears’ mull a move to Indiana, lender TPG Real Estate Finance Trust is seeking buyers for an apartment complex adjacent to an Arlington Heights site that the NFL franchise had previously planned to use for a new stadium development.

Chicago-based developer CA Ventures developed the 263-unit apartment complex known as Payton Place, but later lost it via an $80 million foreclosure filed by San Francisco-based real estate debt fund TPG in 2024.

Still, TPG could recoup its losses from a sale of the property because of its strong fundamentals.

The apartment building, at 3401 West Payton Place, currently has a 97 percent occupancy rate and has seen 4 percent annual rent growth, according to listing materials from Marcus & Millichap.

Next to the apartment complex, owners of the Chicago Bears NFL franchise bought a former horse-racing track and its surrounding parking lots known collectively as Arlington International Racecourse for $200 million in 2023 with plans to build out a $2 billion stadium and accompanying $3 billion mixed-use “stadium village.” The proposal required $855 million in public infrastructure funding.

But contentious negotiations with Illinois state legislators over the Bears’ requested tax breaks led to a stalemate earlier this year. The Illinois legislature adjourned without taking up a vote on a bill that would help the team advance its plans in Arlington Heights.

Team leadership then announced it planned to relocate the Bears to Hammond, Indiana, about 20 miles southeast of Downtown Chicago. Lawmakers in Indiana lobbied aggressively to recruit the Bears but it’s still unclear if the team will ultimately follow through with the controversial relocation.

CA Ventures seems to have jumped on the opportunity to build near the potential stadium site too soon. The firm has lost three properties to foreclosure near the Arlington Heights site.

After failing to find construction financing, CA Ventures and investors walked away from a development site near the Chicago Bears’ potential stadium site in May 2025. First Bank Chicago seized about 3.5 acres of vacant land from an affiliate of CA Ventures through a deed in lieu of foreclosure before any work on the property could begin.

Adjacent to Payton Place, CA was hit with another foreclosure complaint for more than 2 acres of vacant land last year after allegedly defaulting on a nearly $4 million loan from Chicago-based Signature Bank; a judicial sale was conducted late last month.

Still, CA can’t blame all its problems on the Bears. The troubled development firm has faced a myriad of financial woes with properties throughout Chicagoland.

Meanwhile, another multifamily property near the Arlington Heights site has been faring well.

Local developer Stoneleigh Properties completed a hotel-to-residential conversion of a 13-story apartment building known as One Arlington in 2015. Stoneleigh still owns and operates the property and has seen its strongest performance in the past couple years, CEO Rick Cavenaugh previously told The Real Deal.

Though the Payton Place apartments currently overlook a vacant lot with an uncertain future, investors may be compelled by the overall strength of Chicago’s multifamily market, especially in the suburbs.

In the first quarter of 2026, year-over-year total suburban Chicago multifamily sales volume increased 57 percent, data from Interra Realty found.

Marcus & Millichap’s Ryan Engle, Kyle Stengle, Andrean Angelov, Drew Garza and Will Balthrope are representing the seller.