The property was on the market at a 6.4% capitalization rate, according to Appraisal Research Counselors. Rents for studio, one- and two-bedroom units range from $1,045 a month to $1,775 a month.
The acquisition gives Farmington Hills, MI-based Village Green Cos. its second asset in the city, as it owns the Fisher Building at 343 S. Dearborn St. The company has a stronger presence in the suburbs, owning Central Park East in Arlington Heights, Village Park of Carol Stream, Iron Gate in Glen Ellyn, Fordham Glen in Glendale Heights, Renaissance Place Apartments in Highland Park, L'Marquis Apartments in Hinsdale, Sweetbriar Apartments and Townhomes in Hinsdale, Village Green at Cantera in Naperville, Village Park of Palatine, Village Green of Schaumburg, Surrey Place in Westmont, Village Green at Arlington Club in Wheeling and Village Green at Seven Bridges in Woodridge.
The multifamily complex is located near the University of Illinois at Chicago, which expects an increase in demand for student housing, as well as the Illinois Medical District.
"City View Plaza is in the fastest growing neighborhood in Chicago and there are no competitive properties within two miles," says Holliday Fenoglio Fowler senior managing director Matthew Lawton. "This property will undoubtedly benefit from the increasing demand for housing."
Village Green Cos. can meet that demand, as the 47-acre site can accommodate another 216 multifamily units and 9,000 sf of retail space.
Lawton's team included directors Dave Nachison and Marty O'Connell as well as associate director Jason Hernandez.
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