Big happenins in commercial real estate out in Aurora, IL! A New York investor, Abacus Capital Group,
LLC is looking to plant their flag in our Western suburbs of Chicago with the
purchase of a 464 unit apartment property.
The Abacus Group has agreed to buy the Amli at
Oakhurst North from the local developer, Amli
Residential. The 29 building apartment
complex was built in 1999. A price has
not been determined yet as was the value, however, according to sources privy
to the project, an estimated value would be $60.3 million, or $130,000 per
As a whole, Chicago suburban rental properties like Amli at
Oakhurst North, have gone up in value to the appreciating
cost of rent over the last few years. For example, more than $713 million has been
accounted for in suburban apartment sales over the last year, which is the
highest it has been since 2007, according to Appraisal Research Counselors, in
Back in 2005, Tuckerman Group, LLC, bought 80% of the Amli
property shares. At that time the
property was valued at $60.4 million.
Neither Amli Residential nor Abacus Group have made public comments of
the agreed upon purchase.
This would be Abacus Group’s first purchase in the
Chicagoland market, although they own large rental properties in other areas of
the county like California, Kansas, and of course, New York.
Appraisal Research Counselors also shared that rents have
risen almost 10% just over the last 2 years; from 1 bedroom apartments over
$900, to 3 bedrooms over $2000.
Sounds like a great time to be a landlord…