Highlands Vista Group Picks Up 300 Units in Suburban Chicago
The community is located in one of the state's wealthiest counties.
Highlands Vista Group has acquired Renaissance at Carol Stream, a 293-unit apartment community located in the western Chicago suburb of Carol Stream, Ill. According to Yardi Matrix, the firm paid $54 million for the asset, subsidized in part with a $40.5 million loan from Freddie Mac.
JLL represented the seller and previous owner-operator of the DuPage County property, Bender Cos. Bender had owned the property since 2022, Yardi Matrix shows.
Constructed in 1970 at 201 Flame Drive, Renaissance at Carol Stream features 17 buildings across almost 17 acres of land. The property offers one- and two-bedroom apartments averaging 883 square feet in size. Before selling the property, Bender Companies renovated 129 units, and attained robust rent premiums. A programmatic renovation program will be undertaken in 56 percent of the apartment community, offering the new owners a value-add upside. Occupancy stood at 98.3 percent at the time of the sales transaction.
The Prairie State’s richest
Features of apartments at Renaissance at Carol Stream include semi-private entries, private balconies or patios, individual air conditioning and high-speed internet. Among its common-area amenities are controlled access, a fitness center, business center, clubhouse, full-size indoor basketball court as well as two swimming pools with a sundeck and spas.
DuPage County consistently ranks as the wealthiest of all Illinois counties, and benefits from a diverse business community that offers high-technology research centers, corporate headquarters and facilities for household-name national and international companies. Renaissance at Carol Stream puts its residents close to both the I-88 job corridor and North Avenue (Rt. 64), a major east-west artery bisecting the Chicago metropolitan area. Carol Stream is located 27 miles west of downtown Chicago and offers easy access to O’Hare International Airport.
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A Chicago multifamily market report earlier this month indicated the city’s multifamily market remained stable through the year’s first half. The metropolitan area boasted the highest year-over-year rent growth among major U.S. markets, displaying a rent growth of 4.1 percent versus a national figure of 0.8 percent as of July 2025.
Investors remain attracted to the market, too. Last month, Waterton paid nearly $90 million for The Mason, a 263-unit mixed-income community located near the Chicago Loop.
