Sinatra Kicks Off Value-Add Play in Suburban Chicago
A New York-based real estate company is betting big on the Windy City’s multifamily market.
By Ioana Neamt, Associate Editor
Sinatra & Company Real Estate of Buffalo, N.Y. has entered the Chicago market with the $34.5 million purchase of a 272-unit apartment community in Aurora, Ill. Sinatra partnered with local company Stadt Group on the purchase of Orchard Village Apartments, while Prospect Capital Corp.-controlled National Property REIT Corp. provided majority equity investment. According to Crain’s Chicago Business, Pete Evans of Moran & Co. represented the seller, Sherman Residential, in the transaction.
Located on 17.3 acres at 1240 W. Indian Trail Road in Aurora, Orchard Village incorporates 272 one- and two-bedroom units across 17 buildings, according to data collected by Yardi Matrix. The 15-year-old property community boasts a variety of amenities, including a clubhouse and fitness center, clubroom with kitchen, leasing/management office, outdoor swimming pool with sundeck, and 548 grade-level parking spaces. Sinatra & Co., together with Stadt, plans to implement a value-add program that will include both in-unit and amenity upgrades at the site.
“The Naperville/Aurora area is Illinois’ second largest city and one of the fastest growing suburban submarkets,” said Nick Sinatra, president of Sinatra & Co. “The city’s strong projected population and job growth, quality school districts, and location within the I-88 Corridor made Orchard Village an attractive value-add investment opportunity.”
Photo courtesy of Sinatra & Company Real Estate