(Read more on the multifamily market.)
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.
"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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