CP Capital Sells Suburban Chicago Community
The property is 100 percent leased.
Real estate manager CP Capital has sold The Monarch, a multifamily apartment community in the Chicago suburb of Des Plaines, Ill. Completed in 2020, the 236-unit, four-story, wrap-style multifamily community was 100 percent leased and 99 percent occupied at the time of the sale. The identity of the buyer and the purchase price could not immediately be learned.
The Monarch provides Class-A in-unit features, including NEST Learning Thermostats, custom walk-in closets and heated tile floors in master bathrooms. A pool and spa deck are among the common-area amenities.
“There’s a murky and convoluted tax process in Cook County that has caused many institutional buyers to be skittish,” Jay Remillard, managing director at CP Capital US told Multi-Housing News. “Even name brands have crossed the area off their lists because of the tricky environment. Despite these hurdles, we focused our efforts on highlighting the high quality of the asset and its strong operational performance over the last 12 months, which was attractive in the eyes of the buyer.”
There is a need for housing in the neighborhood, Remillard noted. “We also called attention to the fact there’s a low supply of units projected for the coming years, which ultimately enabled us to successfully close on this transaction.”
The Monarch’s residents are in close proximity to major employment centers, including Downtown Chicago and the Rosemont-O’Hare job hub, due to the community’s proximity to the Tri-State Tollway, Interstate 90 and U.S. 58, known as Golf Road as it passes through the Chicago area. Residents can also ride Metra’s Union Pacific Northwest Line to the Ogilvie Transportation Center in downtown Chicago. Top employers in the area include Mondelez International, Kraft Foods Group, Allstate, Walgreens and US Foods.
A month ago, Greystone provided a green refinance for a senior housing property in the northwest suburban Chicago-area community of Rolling Meadows, Ill.