Miami’s Pensam Capital Lists Aurora Apartment Complex

Miami multifamily investor Pensam Capital is aiming for a quick turnaround on a large apartment complex in Chicago’s western suburbs, listing the property for sale less than two years after buying and rebranding it.

Pensam in August 2021 paid $77 million for the 416-unit Haven on Long Grove, then called Aspen Place Apartments. CBRE’s John Jaeger and Justin Puppi have the listing as the landlord looks to make its exit.

While there’s no list price, sources familiar with the offering anticipate the assumable debt package attached to the property will make it attractive to buyers. The property is being offered with below-market, fixed-rate financing; the buyer would assume a 10-year, $46.3 million Fannie Mae mortgage with a 2.6 percent interest rate. Pensam declined to comment on what the property might sell for.

The complex, located at 826 Terrace Lake Drive in Aurora, includes 248 apartments and 168 multi-floor townhomes that include one and two-bedroom units and average 1,061 square feet. The average market rent is $1,506 a month, according to the listing.

CBRE is marketing the asset as a value-add opportunity, noting that Pensam had completed full renovations of almost a quarter of the units and yielded an in-place premium of $214 on average. The property’s net operating income has grown by 12.4 percent since January 2021, according to the listing.

The property was one of several Chicago-area apartment complexes Pensam picked up that year, along with the 336-unit Butterfield Oaks apartment complex in Aurora and the 204-unit Lakeside Apartments in Wheaton.

Multifamily availability stayed near a record low in suburban Chicago last year, resting at 3.3 percent in mid-2022 as renters continued to seek out larger apartments with more access to outdoor space amid the pandemic, according to the most recent market report available from Marcus & Millichap. More than 8,000 units were absorbed from July 2021 to July 2022.