Respark, LaTerra Buy 7-Property Portfolio in Chicago
3650 Capital provided a $104 million acquisition loan.
Respark Residential and LaTerra Capital Management have purchased a seven-property multifamily portfolio in the Greater Chicago area from Apartment Investment and Management Co.
Lender 3650 Capital provided $104 million in capital for the acquisition. Additionally, the partnership contributed to the transaction with equity capital and assumed a $308 million Fannie Mae loan on the assets.
Aimco entered into an agreement to sell the properties in December 2025, at which time the deal was valued at $455 million. The company bought the communities in separate deals between 1991 and 2020.
The portfolio totals 1,495 residential units across properties completed between 1972 and 2019, namely:
- Elm Creek, a 400-unit community at 1 Elm Creek Drive in Elmhurst, Ill.
- Eldridge Townhomes, a 58-townhome community at 1101-1181 S. Eldridge Lane in Elmhurst, Ill.
- Yorktown, a 292-unit, 15-story community at 2233 S. Highland Ave., in Lombard, Ill.
- 2200 Grace, a 72-unit community at 2200 S. Grace St., in Lombard, Ill.
- Hyde Park Tower, a 155-unit, 18-story community at 5140 S. Hyde Park Blvd., in Chicago
- Willow Bend, a 328-unit community at 2850 Southampton Drive in Rolling Meadows, Ill.
- Evanston Place, a 190-unit community at 1715 Chicago Ave., in Evanston, Ill.
The properties share similar amenities, such as fitness centers, swimming pools with clubhouses, parking areas and playgrounds. Roughly $20 million of the invested capital will be used to conduct community renovations.
Chicago multifamily boasts strong fundamentals
Chicago ranked fifth across the U.S. in terms of the highest multifamily transaction activity in 2025, with almost 16,500 units sold for a total surpassing $3.7 billion. The figure rose significantly above the volume recorded in 2024, which recorded $2.7 billion in sales.
Renter-by-necessity assets across the metro accounted for the highest sales from the total investment figure, at $1.2 billion. The average per-unit price increased 14 percent year-over-year, to $226,409, exceeding the national average of $151,951.
