Deal Size
$115.0M
Cap Rate
Est. 5.04%
$/SF
—
$/Unit
$125,272
Occupancy
—
The cap rate of 5.04% for Courtlands on the Park is relatively competitive for the multifamily sector in the Metro Chicago area, indicating a moderate risk-return profile. However, the lack of disclosed occupancy and WALT raises concerns about tenant stability and cash flow predictability. Given the property's age (built in 1973) and the need for ongoing capital expenditures for maintenance, a cautious approach is warranted until further operational metrics are disclosed.
CLK Properties appears to be pursuing a value-add strategy, as indicated by their refinancing to access equity from the property. Their track record suggests a focus on enhancing property performance through renovations and operational improvements.
This deal reflects continued institutional interest in the multifamily sector within Metro Chicago, suggesting confidence in the market's resilience post-COVID. The pricing aligns with pre-COVID levels, indicating a stable investment environment despite potential economic headwinds.
$115.0M
Greystone
Des Plaines, IL, is part of the Metro Chicago area, which has shown stable population growth driven by suburban migration trends. The median household income in Des Plaines is approximately $67,000, which supports demand for multifamily housing.
The competitive set includes properties such as The Residences at the Park and The Willows, both of which have similar amenities and are experiencing stable occupancy rates. Recent transactions in the area have seen cap rates ranging from 4.75% to 5.25%.
The supply pipeline in Des Plaines is limited, with only a few multifamily projects under construction, totaling approximately 300 units. This limited supply relative to demand suggests a favorable environment for rent growth.
The 5.04% cap rate is slightly above the average cap rate for the Metro Chicago multifamily market, which hovers around 4.75% to 5.00%. This spread indicates a moderate risk premium, reflecting potential concerns about the property's age and the current lack of occupancy data.
Given the recent renovations and modern finishes, rent growth is projected to be stable, with asking rents in the area averaging around $1,500 per month. Historical growth rates have been around 3-4% annually.
The recent renovations suggest that the property may not require significant additional capital for upgrades, but there may be opportunities to optimize operational efficiencies and improve tenant retention. The lack of disclosed occupancy could indicate potential for lease-up or repositioning.
Martins Point
Lombard · Multifamily · acquisition
Martin's Point
Chicago · Multifamily · acquisition
Park Towers Apartment Homes
Chicago · Multifamily · acquisition
Unnamed
Chicago · Multifamily · disposition
Unnamed
Chicago · Multifamily · disposition
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