Equus Capital Acquires Chicagoland Multifamily Asset
The buyer is planning a capital improvement plan at the 30-year-old property.
Equus Capital Partners has completed the acquisition of Ashford at Geneva, Ill. a 226-unit garden-style apartment community located in the Chicago suburb of the same name. The property was acquired for an unspecified amount on behalf of a joint venture between an affiliate of Equus and a domestic public pension plan.
Oak Residential Partners, the seller, acquired the property in 2017 for $35.4 million, according to Yardi Matrix information. At the time of that sale, the asset became subject to a $27.4 million CMBS loan.
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The property, developed in 1991, offers one- and two-bedroom units averaging 962 square feet. Common-area amenities include a clubhouse, a fitness center, a swimming pool and a business center. There are also outdoor gathering spaces, grilling areas and a dog park. Ashford was about 97 percent occupied at the time of acquisition.
Geneva is an outer suburb of Chicago, located along the Fox River. Equus Vice President of Acquisitions Eric Auslander noted in a statement that Geneva has limited new apartment supply.
Madison Apartment Group, the multifamily operating arm of Equus, will oversee the property’s operations. It will also execute the planned capital improvement program.
Chicago multifamily investors hop to it
Investors are keen for Chicago multifamily assets, with sales totaling $1.8 billion during the first four months of 2026, according to Yardi Matrix data. That is $700 million more than the volume during the same period in 2025.
Since then, investors have added to the total. In May, the State Teachers Retirement System of Ohio purchased The Fynn, a 212-unit community in suburban Elmhurst for $85 million. Quarterra completed the development in 2021.
In August, investor Aris Sulejmani bought 422-424 W. Melrose St. in Chicago from Wirtz Realty, run by the family that co-owns the United Center and the Chicago Blackhawks hockey team, for $34 million. The property is a 15-story, 169-unit, 1920s-era apartment building.
That same month, Laramar Group acquired Eleven Thirty, a 656-unit high-rise apartment community at 1130 S. Michigan Ave. in Chicago. The asset traded for $165.7 million, a price that made it the second-largest multifamily deal in metro Chicago so far this year by dollar amount.
