PALATINE, ILL. — ARTISAN Capital Group (ACG) has acquired Arrowhead Apartments, a 200-unit, garden-style apartment community in Palatine, a northwest suburb of Chicago. ACG partnered with Eastham Capital on the transaction, marking the firms’ fifth acquisition together. The investment marks ACG’s second acquisition in the Chicago market. Arrowhead Apartments consists of nine two- and three-story buildings with 102 one-bedroom units, 78 two-bedroom units and 20 three-bedroom residences. Amenities include a clubhouse, fitness center and dog park.
ACG plans to increase value through operational efficiencies and professional investment oversight. ARTISAN Management Group, ACG’s management vertical, will oversee operations. ACG secured financing through HUD. Scott Harris of Marcus & Millichap represented the seller, a joint venture with Hispanic Housing Development Corp. as the managing partner, and procured the buyer. Forty of the units have a Housing Assistance Payments contract that runs through 2039, according to Harris.