Palatine apartment complex sells for record $139.3 million

An Oak Brook investor has acquired a Palatine apartment complex for nearly $140 million, the most paid ever for a multifamily property in suburban Chicago.

Albion Residential bought Bourbon Square, a 612-unit community at Lake-Cook Road and Route 53, from Los Angeles-based Broadshore Capital Partners for $139.3 million, said Albion President Jason Koehn.

The price eclipses the former record for suburban Chicago, set in January when Ellyn Crossing, a 1,155-unit property in Glendale Heights, sold for $137 million, according to MSCI Real Capital Analytics, a New York-based research firm.

For the full story, visit chicagobusiness.com.