A 309-unit complex in Tinley Park is the latest large apartment property in the suburbs to hit the market.
HFF has been hired to sell the Edenbridge complex at 18134 South 66th Court. The brokerage declined to identify the seller or the asking price, but sources said owner A&R Katz Management was seeking in excess of $100,000 per unit, which works out to some $31 million.
The development features a mix of studio, one- and two-bedroom apartments along with two- and three-bedroom townhomes.
HFF marketing materials said an investor could decide to renovate the interior of units and boost rents by $300 a month. The brokerage said the submarket is under-supplied, with no new projects in development and only 531 new units delivered since 2000.
David Gaines and Marty O’Connell are listing the property for HFF.
Suburban apartment complexes have been hot commodities as of late. Monument Capital Management, for instance, bought a total of 731 units in two developments in Mount Prospect in the last year for $92 million.
JPMorgan, meanwhile, spent $80 million on an Elk Grove Village complex, Dayrise bought a Hoffman Estates complex for $104 million and Azure Partners picked up a Wheeling complex for $72 million.
Suburban rents grew 6.9 percent last year and were expected to rise again “significantly” this year, according to a recent Marcus & Millichap report.