Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

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

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

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

Amenities include fireplaces in each unit, and 86 of the apartments have in-unit washers and dryers, according to marketing materials for the property. The buyer plans renovations to the property, including upgrades such as the installation of washers and dryers in all of the units, DePasquale says. The apartment complex has a pool, tennis court and 7,000-sf clubhouse, which wasn’t used much, he says. There is also a possibility of converting some of the apartment units to condominiums. The village of Hoffman Estates approved the possibility of a condominium conversion last year. A total of 282 apartment units could be converted into condominiums, according to the marketing materials.

“It is a great location on Barrington Road in a high-growth area in Hoffman Estates,” DePasquale says. Barrington Road has a decent traffic count, giving the property high visibility, he says. The property is across from the Poplar Creek Forest Preserve and is near Interstate 90. Also nearby in Hoffman Estates is the Prairie Stone Business Park, the Sears Centre Arena and Cabela’s. The Sun Island Hotel Water Park is also being developed in the village.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.