FPA Multifamily, the owner of The Lex in Chicago’s South Loop, has expanded its multifamily portfolio in the Windy City area by acquiring 2000 Illinois, a five-story property in Aurora, Ill.
Kiser Group’s Matt Halper and Danny Mantis represented both the buyer and the seller in the deal, with a cap rate at the transaction price of 5.6 percent. According to Yardi Matrix data, the seller was Mercy Housing, which acquired the property in 2013 for $5.2 million.
The 128-unit community is located at 2000 W. Illinois Ave. and features one- and two-bedroom layouts. The building also provides 150 surface parking spaces, 52 covered parking spaces, an outdoor pool, two laundry facilities and a sundeck. One year after purchasing it, Mercy Housing entered into a Land Use Restriction Agreement with IHDA and agreed that one quarter of the number of units become affordable to residents earning less than 60 percent of the area’s median income.
The building was completed in 1974, with units ranging from 750 to 950 square feet. According to Yardi Matrix, rents averaged $873 per square foot in November.
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