(Read more on the multifamily market.)

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HOFFMAN ESTATES, IL-A group based in Boston has acquired thePark Place apartment community, 845-875 Pacific Ave., for $66million. BVF II Park Place LLC bought the 642-unit community fromPark Place Apartments LLC, based in Barrington. The cap rate was"in the five-ish range," says Ralph DePasquale, senior investmentadvisor with Hendricks & Partners.

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"The buyer is a group out of Boston that owns other propertieshere in the Chicago area and wanted to add to their portfolio,"DePasquale says. The seller had owned the apartment community sinceit constructed it in phases from 1985 to 1988, he says. DePasqualeand Bill Montana negotiated for the seller.

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Park Place consists of 33 three-story apartment buildings and atwo-story clubhouse. The apartment community is on more than 64acres at the northeast corner of Bode and Barrington roads. Theapartment community has 63 one-bedroom units with the rest being avariety of two-bedroom unit types. The community is 93% occupied,DePasquale tells GlobeSt.com. The units ranges from 800 sf to 1,100sf, with an average unit size of 966 sf.

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Amenities include fireplaces in each unit, and 86 of theapartments have in-unit washers and dryers, according to marketingmaterials for the property. The buyer plans renovations to theproperty, including upgrades such as the installation of washersand dryers in all of the units, DePasquale says. The apartmentcomplex has a pool, tennis court and 7,000-sf clubhouse, whichwasn't used much, he says. There is also a possibility ofconverting some of the apartment units to condominiums. The villageof Hoffman Estates approved the possibility of a condominiumconversion last year. A total of 282 apartment units could beconverted into condominiums, according to the marketingmaterials.

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"It is a great location on Barrington Road in a high-growth areain Hoffman Estates," DePasquale says. Barrington Road has a decenttraffic count, giving the property high visibility, he says. Theproperty is across from the Poplar Creek Forest Preserve and isnear Interstate 90. Also nearby in Hoffman Estates is the PrairieStone Business Park, the Sears Centre Arena and Cabela's. The SunIsland Hotel Water Park is also being developed in the village.

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