A luxury apartment investor has listed a 321-unit Naperville complex, looking for a big return amid a strong suburban multifamily market.
Connor Group acquired the Glenmuir for $62 million in 2014 and is reportedly seeking $102 million, according to Crain’s, citing the publication Real Estate Alert. The figure far exceeds a recent $80 million appraisal. Ohio-based Connor hired Newmark to market the property at 2064 Rockport Lane, according to the report.
While Downtown Chicago rentals have been struggling, the suburban market has performed well through the pandemic.
Suburban occupancy improved to 95.4 percent at year-end, up slightly from the same time a year earlier.
Prices also rose, another indication that renters were seeking more solitude and space outside the city.
The Glenmuir complex of low-slung buildings spread across 20 acres is nearly fully occupied, with monthly rents averaging around $1,700, according to the report. Connor, led by managing partner Larry Connor, landed a $50 million refinance on the property in 2019.
The company, which says it has more than $3 billion in assets, operates in 15 markets and has been a particularly active buyer in the Chicago area, according to the report.