Chicago firm acquires Schaumburg apartment complex
Chicago-based real estate investment company Draper and Kramer said Monday it has acquired North 680, a 180-unit luxury rental community in Schaumburg.
Financial terms of the acquisition were not announced, but the firm said the deal was part of an exchange in its sale of a 318-unit rental community in suburban St. Louis.
Completed in 2017, the complex at 680 E. Algonquin Road includes 176 residences in four elevator buildings and four tri-level rental townhouses in two buildings.
Draper and Kramer will take over management of the complex, adding to its portfolio of more than 10,000 rental units across Chicago, St. Louis, San Antonio and Minneapolis, as well as 25,000 condominium residences throughout Chicago.
"North 680 presented a unique opportunity to acquire the first luxury residential community built in Schaumburg in the last three decades" said Blas Puzon, senior vice president of acquisitions for Draper and Kramer.
"What made this deal extremely attractive from an investment standpoint is that it came at a time when demand for high-end apartments is dramatically outpacing supply in select suburban communities, as proven by the quick lease-up of the property," Puzon added. "There is significant economic growth and development underway in Schaumburg, including the planned redevelopment of the 225-acre Motorola campus across the street from North 680, which will only add to the area's appeal as more people seek out the luxury suburban rental lifestyle that North 680 delivers."
The company plans to make some renovations to the property as needed over time in order to keep it competitive in the market,
The apartments range from 665 to 1,588 square feet and include one- bedroom/one-bath, one-bedroom plus den/one-bath, and two-bedroom/two-bath floor plans. The four rental townhouses have two bedrooms and 2½ baths. The complex also includes 65 attached garages, 85 detached garages, and 196 uncovered parking spaces for a total of almost two spaces per unit.
Amenities include a heated resort-style pool with adjacent outdoor kitchen, fenced pet park, clubhouse with kitchen, bar and lounge area and fitness studio.
CBRE's Chicago office brokered the sale of North 680.