Each of the three affordable apartment buildings bought by Standard Companies last month would have earned a spot on the list of the top five multifamily investment sales recorded in the Chicago area.
But taken as a single transaction, the sales in Bucktown, the Gold Coast and suburban Mount Prospect combine for about $119 million, eclipsing every other apartment sale in the region.
The deal came a month after Avanath and Related Midwest paid a combined $102 million for affordable housing complexes they bought, as developers face increasing pressure to build more units that rent below market rate.
The list of top sales, compiled from Cook County property records, also includes a portfolio of apartment buildings near Northwestern University’s main campus in Evanston, a complex in suburban Glenview and a low-rise luxury complex in Fulton Market.
Together, the five deals combined for about $209 million in sales.
1. 900 Centennial Drive, Mount Prospect; 150 West Maple Street and 1724 North Paulina Street | $118.5 million
The largest multifamily investment deal recorded in the Chicago area by far last month involved three separate apartment buildings totaling some 670 units, all bought by Los Angeles-based Standard Companies.
Standard Communities, the firm’s affordable housing arm, paid seller National Preservation Housing Partners $53 million to acquire the 353-unit Maple Pointe apartment complex at 150 West Maple Street. It also paid $30.2 million for the 197-unit Centennial Apartments in suburban Mount Prospect, and $35.3 million for the 134-unit Walsh Park Apartments in Bucktown.
Standard Companies executives signed the deeds on all three properties Oct. 17, records show.
Earlier this year, Standard Companies bought a 90-unit Lakeview apartment building with a Target on the ground floor for $53 million.
2. 2121 Ridge Avenue, 2129 Ridge Avenue, 2247 Ridge Avenue and 1511 Hinman Avenue, Evanston | $36.2 million
New York-based CLK Properties narrowly beat a voter-approved real estate transfer tax increase in Evanston when it closed a $36.2 million deal to buy four apartment buildings from BJB Properties.
Key Bank provided a $23 million loan to CLK on the buildings, records show. All four are within walking distance of Northwestern University, where many students live off-campus.
3. 1900 Chestnut Avenue, Glenview | $34.1 million
Marquette Companies paid $34.1 million to acquire the 112-unit Valley Lo Towers apartment complex in north suburban Glenview. Property records list the seller as Michael K. Bloom.
Naperville-based Marquette Companies also owns a 158-key hotel in Naperville and a 579-unit apartment complex in Elk Grove Village.
4. 1342 West Randolph Street | $14 million
Australian hospitality company Zagame Corporation bought a 22-unit luxury apartment building at the corner of Randolph and Ada Streets, generating more buzz in the west half of Fulton Market.
The seller, Chicago-based Mo2 Properties, paid $11 million for the building in 2016 and added $1 million in upgrades.
5. 9701 South Kedzie Avenue, Evergreen Park | $6.6 million
The 100-unit Riviera Apartments changed hands in south suburban Evergreen Park last month in a $6.63 million deal, property records show. LLC registrations reveal the buyer as Eric M. Pauga and the seller as Dennis Heywood.