Quarterra Sells Chicago-Area Asset for $85M
The 212-unit community traded for almost $400,000 per unit.
The State Teachers Retirement System of Ohio has purchased The Fynn, a 212-unit community in Elmhurst, Ill. for $85 million, Crain’s Chicago Business first reported. Quarterra Multifamily sold the asset for almost $400,000 per unit in a CBRE-brokered deal.
Quarterra completed the multifamily development in 2021. The transaction follows TPG’s acquisition of a majority stake in the company, backed by a $1 billion commitment and plans to raise additional capital.
Located at 183 N. Addison Ave. in downtown Elmhurst, The Fynn is close to multiple dining options. Chicago O’Hare International Airport is about 6 miles away, while downtown Chicago is 19 miles east.
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The eight-story building comprises one-, two- and three-bedroom floorplans ranging from 562 to 1,743 square feet. Select layouts have private balconies or patios.
Common-area amenities include a swimming pool with deck and fire pits, gaming area, community lounge with entertainment bar, fitness center and a bike lounge. The community also has a dog run and spa, sky club, a do-it-yourself area and multiple coworking stations.
CBRE Executive Vice President John Jaeger, First Vice President Justin Puppi and Vice President Jason Zyck represented the seller.
Chicago multifamily sales keep steady
Chicago’s multifamily investment volume showed great improvement last year, ranking fifth among the largest U.S. metros. The market saw 16,468 units trading for $3.7 billion in 2025, compared to just 13,257 apartments that were sold in 2024 for $2.7 billion.
Following an active 2025, private capital interest is expected to keep gaining momentum, according to a Marcus & Millichap report. Investor demand should strengthen further as supply pressures ease against a backdrop of historically tight vacancy, supporting property performance metrics.
One of the most notable deals in the metro so far this year is Respark Residential and LaTerra Capital Management’s acquisition of a seven-property portfolio in the Greater Chicago area. Aimco sold the assets.
