CHICAGO—The multifamily market in the Chicago area has tightened considerably, and investors have been buying up many properties, including ones that still need a little work to achieve full value.

Canyon Partners Real Estate LLC, through its Canyon Multifamily Impact Fund II, has just acquired a 730-unit apartment community in suburban Crest Hill about 40 miles southwest of downtown Chicago. The 17-building property, known as Woodlands of Crest Hill, totals 473,524 square feet across 17 acres. This was the first closing by CMIF II, which the company launched in November 2015.  

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