A joint venture between Standard Real Estate Investments LP and The Vistria Group has acquired Fox Valley Villages, a 420-unit community in Aurora, Ill., for $93.2 million. This marks the duo’s second investment in suburban Chicago.
Bridge Investment Group sold the asset, according to Yardi Matrix information. The company previously acquired the property in August 2021 from Sinatra & Co. Real Estate for $72 million—about $171,429 per unit.
The companies are self-imposing a rent cap on more than half of the apartments, Standard Real Estate CEO Robert Jue told Multi-Housing News. Additionally, the new owners intend to preserve affordability at 80 percent of the area median income for those units, said Jue.
The duo will also implement more than $8 million in building improvements and renovations. At the time of sale, the property was 97 percent occupied.
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Completed in 1985, the community is at 710 S. Eola Road, some 6 miles from Aurora’s city center. Downtown Chicago and Chicago O’Hare International Airport are within a 40-mile radius.
The community encompasses 18 three-story buildings across 21 acres. The unit mix consists of one- and two-bedroom floorplans ranging between 730 and 1,330 square feet. Apartments also have private balconies or patios.
Common-area amenities include a clubhouse, fitness center and soccer field, as well as barbecue picnic areas. The property also has a dog park, a business center and two swimming pools, along with a game room and a playground.
Chicago multifamily sales on the rise
Chicago’s multifamily investment activity year-to-date as of September reached $2.4 billion from the 63 properties—10,842 units—that changed hands, according to Yardi Matrix. This marks a considerable increase from the 50 assets—8,518 apartments—that traded during the same period last year for $1.6 billion.
The average per unit price reached $234,895, registering a 13 percent increase year-over-year. Additionally, the metro ranked among the top five markets nationally in terms of multifamily transaction volume.
In the first quarter of this year, a joint venture between Eastham Capital and Bender Cos. acquired Haven Hoffman Estates, a 550-unit community in Hoffman Estates, Ill. This marked the duo’s ninth joint purchase.
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