CBRE has recently arranged four separate capital market transactions of multifamily properties in the Chicago area, further signifying the strength of the sector in the market. The assets total 1,033 units and commanded $370M in total considerations. Individual sale prices and purchasers were not disclosed.
CBRE’s John Jaeger, Dan Cohen, and Justin Puppi represented the sellers/developers in each of the capital markets transactions. John, Dan, and Justin collaborated with their Debt and Structured Finance Team led by Pete Marino and John Parrett on a JV equity capitalization for Opus Development Company, as well as George Good’s National Partners Retail team on The Bernardin. These collaborative capital market efforts further exemplifies CBRE’s ability to connect the best capital market teams to produce an exceptional outcome for our clients.
CBRE represented Redwood Capital Group in the sale of Dwell at Naperville, DuPage County, a 400-unit rental apartment property located in Naperville, IL. The property presented investors with a proven value-add opportunity located just 30 miles west of the Chicago CBD.
The Opus Group purchased a development site in Downers Grove, DuPage County. IL. CBRE’s John Jaeger, Dan Cohen, Justin Puppi, Pete Marino and John Parrett all assisted in raising equity for the proposed development. This is the 3rd capital raise CBRE has assisted Opus Development for development equity raises. The seven-story project will include 167 market rate luxury apartments and is scheduled to be completed in early 2023.
CBRE represented a confidential institutional advisor in the sale of The Retreat, a 295-unit townhome-for-rent property in Wheaton, IL. This value-add asset represented a rare opportunity for investors in a true barrier-to-entry submarket. The buyer is an East Coast Pension Fund advisor.
At the juxtaposition of Chicago’s River North and Gold Coast submarkets, John Jaeger, Dan Cohen, Justin Puppi along with George Good’s National Retail Team from CBRE represented an East Coast Institutional Pension Fund in the sale of The Bernardin. The architecturally significant boutique property is comprised of 171 units with 21,000 sq. ft. of retail and has been institutionally developed, owned, and maintained.
“Investors had been in a wait-and-see approach earlier in the year and these transactions are illustrative of the change we are seeing in Chicago,” said Jaeger. “Capital is ready to deploy, and Chicago presents attractive fundamentals to multifamily investors that will drive activity through the rest of this year and beyond.”
