CHICAGO—Luxury apartments in the city have attracted a lot of investor interest lately, but multifamily developments in the suburbs just adjacent to Chicago are also selling for healthy prices. The owners of Kingston Pointe, for example, just sold the 144-unit multifamily property at 1646 River St. in Des Plaines to San Francisco-based Friedkin Realty Group for $42 million. The Des Plaines Metra station is only a two blocks away, giving residents easy access to downtown Chicago.
“Suburban luxury apartments in transit-oriented developments continue to attract renters and investors alike,” says John Jaeger of CBRE. Along with his colleague Dan Cohen, he represented ownership in the sale. “The convenience and flexibility they offer to residents, ranging from young professionals to empty nesters, has become a very popular lifestyle choice for many.”
Kingston Pointe, located in downtown Des Plaines, offers one, two, and three-bedroom units featuring floor-to-ceiling windows, stainless steel appliances, granite countertops and in-unit washer/dryers. Amenities include fitness center, swimming pool, on-site management and heated garage parking. The location, as well as retail, restaurants, grocery stores and entertainment options.
In response to the demand for these types of homes, new developments have started to sprout in the area. High Street Residential, the residential subsidiary of Trammell Crow Co., made a quick and lucrative sale late last year of Park 205, the three-story luxury apartment community it had just completed in nearby Park Ridge, to L&B Realty Advisors, LLC. The price was not disclosed, but Cook County records show the property sold for $48.25 million. The company had already leased more than a third of the units, a sign of the strong demand for class A suburban communities near transportation.
“I don't see this trend changing anytime soon,” says Jaeger.
CHICAGO—Luxury apartments in the city have attracted a lot of investor interest lately, but multifamily developments in the suburbs just adjacent to Chicago are also selling for healthy prices. The owners of Kingston Pointe, for example, just sold the 144-unit multifamily property at 1646 River St. in Des Plaines to San Francisco-based Friedkin Realty Group for $42 million. The Des Plaines Metra station is only a two blocks away, giving residents easy access to downtown Chicago.
“Suburban luxury apartments in transit-oriented developments continue to attract renters and investors alike,” says John Jaeger of CBRE. Along with his colleague Dan Cohen, he represented ownership in the sale. “The convenience and flexibility they offer to residents, ranging from young professionals to empty nesters, has become a very popular lifestyle choice for many.”
Kingston Pointe, located in downtown Des Plaines, offers one, two, and three-bedroom units featuring floor-to-ceiling windows, stainless steel appliances, granite countertops and in-unit washer/dryers. Amenities include fitness center, swimming pool, on-site management and heated garage parking. The location, as well as retail, restaurants, grocery stores and entertainment options.
In response to the demand for these types of homes, new developments have started to sprout in the area. High Street Residential, the residential subsidiary of Trammell Crow Co., made a quick and lucrative sale late last year of Park 205, the three-story luxury apartment community it had just completed in nearby Park Ridge, to L&B Realty Advisors, LLC. The price was not disclosed, but Cook County records show the property sold for $48.25 million. The company had already leased more than a third of the units, a sign of the strong demand for class A suburban communities near transportation.
“I don't see this trend changing anytime soon,” says Jaeger.
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