Bear Peak Capital Sells Chicago-Area Asset for $22M

The asset previously traded in 2020 for more than $14 million.

Bear Peak Capital has sold Light Road Apartments, a 168-unit multifamily asset in Oswego, Ill., to a private investor for $22 million, public records show. Marcus & Millichap brokered the transaction.

The property previously traded in 2020 for $14.1 million. The sale involved a 3.09 percent fixed-rate $11.5 million Fannie Mae loan, according to Yardi Matrix data.

Located at 1800 Light Road, the community is less than a mile from Illinois State Route 31 and 3 miles from U.S. Route 30, as well as more than 3 miles from the city center. Downtown Chicago is roughly 46 miles away.

Built in 1971 on more than 15 acres, Light Road Apartments consists of seven two-story buildings and encompasses one- and two-bedroom floorplans ranging between 545 and 842 square feet, according to Yardi Matrix data. Common-area amenities consist of a clubhouse, swimming pool and laundry facility.

The Chicago metro area has steadied through the challenging 2023, with demand being slightly up and rent growth trailing just under the national average as of November, according to a Yardi Matrix report. Investments totaled $2.3 billion in the first 11 months of last year.

Marcus & Millichap Senior Managing Director of Investments Ryan Engle and Senior Vice President of Investments Andrean Angelov represented the seller. The firm’s Senior Associate Zack Mahoney procured the buyer.

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