CHICAGO—Lowe Enterprises Investors has just acquired the 612-unit Bourbon Square apartment community in northwest suburban Palatine for an undisclosed amount. The big purchase is another signal that although there is no significant new supply on the horizon, the local area will continue to see upgrades to its existing housing stock. The previous owner had wanted to covert the development into condos, officials from the Los Angeles-based Lowe tell The crash derailed those plans, but their firm has the wherewithal to launch a multi-year rehab of the development and will start work in the next 90 days.

“I’ve been familiar with this asset for a number of years,” says Andy Sands, the company’s senior vice president who leads its investment activities. The previous owner bought it “late in the last cycle; their timing wasn’t great.” But buying the development fits well into Lowe’s business plan, which focuses a lot of attention on workforce housing built in the 1980s or 1990s and that provides renters with affordable options.

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