Illinois

VILLA PARK, ILL. — S2 Capital has acquired Ovaltine Apartments, a 344-unit multifamily property in the western Chicago suburb of Villa Park. The acquisition marks the firm’s first investment in the greater Chicago area. Originally converted from the historic Ovaltine chocolate factory in 2001, Ovaltine Apartments offers loft-style units. The property’s average occupancy has remained above 95 percent since January 2024. Approximately 98 percent of the units remain unrenovated or only partially upgraded, providing S2 the opportunity to execute a comprehensive renovation plan. S2 acquired the asset through its S2 Real Estate Fund II.

CHICAGO — Marcus & Millichap has brokered the $4 million sale of 3060 W. Armitage Ave., a 13-unit apartment building in Chicago’s Logan Square neighborhood. Built in 2012, the property features a mix of one- and two-bedroom floor plans and one retail unit across 11,700 rentable square feet. Steve Rachman of Marcus & Millichap procured the buyer, a private investor, who plans to create value through light renovations and addressing deferred maintenance.

CHICAGO — CEDARst Cos. has purchased the Weyland, a seven-story, 132-unit apartment community in Chicago, for $34.6 million. Formerly known as A.M. 1980 Apartments, the property is located at 1980 N. Milwaukee Ave. at the gateway between the city’s Bucktown and Logan Square neighborhoods. Delivered in 2018, the asset features 6,245 square feet of ground-floor retail space and a mix of Class A amenities, including a fitness center, dog run and rooftop deck with views of Lake Michigan and the Chicago skyline. The building was 95 percent occupied at the time of sale. The Weyland marks CEDARst’s second Chicago acquisition of 2025, following the purchase of The Millie on Michigan in July. The company now owns and operates more than 5,000 units in Chicago.