CHICAGO — Aimco (NYSE: AIV) has completed the sale of a seven-property multifamily portfolio in metro Chicago totaling 1,495 units as part of its liquidation plan approved by stockholders in February. LaTerra Capital Management and Respark Residential purchased the portfolio for $455 million.
The Aimco Chicago Portfolio consists of the following stabilized properties:
- Eldridge Townhomes: 58 units built in 2020 in Elmhurst
- Elm Creek: 400 units built in 1987 in Elmhurst
- Evanston Place: 190 units built in 1990 in Evanston
- Hyde Park Tower: 155 units built in 1989 in Chicago
- Willow Bend: 328 units built in 1969 in Rolling Meadows
- Yorktown Apartments: 292 units built in 1971 in Lombard
- 2200 Grace: 72 units built in 1972 in Lombard
Pete Evans and Richard Evans of Berkadia represented the seller in the transaction.
3650 Capital provided approximately $104 million in acquisition financing to the buyers. The transaction was also capitalized with roughly $308 million of Fannie Mae loan assumptions as well as equity capital from LaTerra and Respark.
Approximately $20 million of the invested capital will fund improvements to the properties, including both common area and unit upgrades.
“In the post-COVID era, the greater Chicago region has emerged as one of the strongest multifamily housing markets in the country,” says Michael Fleischer, deputy CIO at 3650. “While some regions are experiencing oversupply, the Midwest is seeing a sustained period of strong performance and stability driven by limited new supply, robust demand and relative affordability compared to coastal markets.”