Chicago-Area Community Trades for $131M
FPA Multifamily picked up the 758-unit asset, financing the acquisition with a 12-year, $95 million Fannie Mae mortgage originated by Berkadia.
A joint venture between Draper & Kramer and Edge Principal Advisors has sold Wheaton Center, a 758-unit community in Chicago’s suburbs, to FPA Multifamily for $131 million, according to public records. Berkadia provided a 12-year, $95.4 million Fannie Mae acquisition loan to the buyer.
The seller purchased the community from GE Asset Management for $44.4 million in 2014, according to Yardi Matrix, and had subsequently invested roughly $40 million on significant capital improvements.
Located at 2 Wheaton Center in Wheaton, Ill., the community’s two 20-story towers and four three-, four- and six-story buildings are situated a short walk from the city’s Metra station, which links the area to downtown Chicago in less than an hour. A wide variety of shops and restaurants are in the immediate area.
The community contains a mix of studio, one- and two-bedroom units with floorplans ranging from 615 to 1,200 square feet. Amenities include a swimming pool, a fitness center, six laundry facilities, two basketball courts and two tennis courts.
HFF’s Marty O’Connell, Sean Fogarty, Wick Kirby and Kevin Girard represented the joint venture in the sale transaction.
Image courtesy of Yardi Matrix