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Big apartment purchase in Aurora, Illinois
May 13th, 2013 12:29 PM

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 unit.

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 Chicago.

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…

Posted in:General
Posted by Michael Hobbs on May 13th, 2013 12:29 PMPost a Comment

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