Luxury Development in Chicago Suburb Attracts CA Investor

There is strong demand for class A suburban communities near transportation.

CHICAGO—Luxury apartments in the city have attracted a lot of investor interest lately, but multifamily developments in the suburbs just adjacent to Chicago are also selling for healthy prices. The owners of Kingston Pointe, for example, just sold the 144-unit multifamily property at 1646 River St. in Des Plaines to San Francisco-based Friedkin Realty Group for $42 million. The Des Plaines Metra station is only a two blocks away, giving residents easy access to downtown Chicago.

“Suburban luxury apartments in transit-oriented developments continue to attract renters and investors alike,” says John Jaeger of CBRE. Along with his colleague Dan Cohen, he represented ownership in the sale. “The convenience and flexibility they offer to residents, ranging from young professionals to empty nesters, has become a very popular lifestyle choice for many.”