West Suburban Multifamily Properties Draw Investors

Fox Valley Villages in Aurora, IL, just sold for $53.75 million, and the new owner looks at it as a value-add opportunity.

CHICAGO—The appeal of west suburban multifamily developments has brought about another significant purchase, this time by an investor which has already poured a lot of money into the region. Sinatra & Co. Real Estate has acquired Fox Valley Villages in Aurora, IL, for $53.75 million in a joint venture with Chicago-based residential property management and acquisitions firm, Stadt Group, and a majority equity investment from Torchlight Investors, an independent asset manager focused on commercial real estate investments. Chicago-based Moran & Co. brokered the transaction.

The 420-unit garden-style apartment community located on 20.93 acres at 710 S. Eola Rd. is comprised of 18 three-story residential buildings developed over two phases in 1985 and 1990, a stand-alone clubhouse completed in 2005, and three detached garage buildings. It is Sinatra’s third asset in the Chicago real estate market. The Sinatra-Stadt joint venture purchased Orchard Village Apartments, also in Aurora, for $34.5 million in November 2015 and Timber Creek Apartments in Woodridge, IL for $25.017 million in June 2016.