CHICAGO—Multifamily properties in suburban Chicago, including those that still need some renovations to maximize value, are getting more looks from investors. Canyon Partners Real Estate LLC, for example, through its Canyon Multifamily Impact Fund,has just expanded its suburban Chicago holdings by purchasing Parkway Commons in Carol Stream.
The 384-unit apartment community sits adjacent to Preserve at Carol Stream, a 285-unit apartment community that the CMIF acquired last September. The new owners say they will combine the properties to create a 669-unit community and enhance services to the residents. The price was not disclosed.
Los Angeles-based Canyon Partners and Citi Community Capital established CMIF as a joint venture in May 2013 to provide higher-quality housing in underserved communities across the US. It now owns 2,009 units in the Chicago-area and 336 units in the Los Angeles metro region area, and is also looking to buy similar properties in Florida.
“It provides us the opportunity to capitalize on the efficiencies and synergies of owning two contiguous properties,” says Marti Page, senior director at Canyon Partner. “The blended communities will allow us to improve and expand the services and amenities that CMIF prioritizes for its residents.”
Built in 1970, Parkway Commons consists of one- and two-bedroom apartments in a combination of eight three- or five-story elevator buildings on about 22 acres. The development already underwent an $11 million renovation in 2008 and 2009 that included the construction of a new clubhouse and an upgrading of its apartment interiors. The new clubhouse includes a business center, entertainment room, fitness center and a swimming pool with sundeck, outdoor fireplace and children's play areas.
"CMIF will enhance both properties through physical upgrades, including energy efficiency improvements, and the implementation of community programming and services focused on education and healthcare to help enrich the quality of life for its residents," adds Gerald Goldman, managing director at Canyon Partners. CMIF has hired the Marquette Companies to manage both properties.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
