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CHICAGO, Illinois (November 6, 2015) – Stadt Group Ltd. in a JV with Sinatra & Company Real Estate announced that they have acquired Orchard Village Apartments for $34.5 million with an equity investment from National Property REIT Corp., a private real estate investment trust controlled by Prospect Capital Corporation (NASDAQ: PSEC).
The 272-unit multifamily complex was built in 2000 and is located on 17.3-acres at 1240 W. Indian Trail Road in Aurora, IL. The acquisition marks Sinatra & Company’s entry into the Chicago real estate market. |
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Multifamily rental housing inventory remained tight in 2014 and into 2015; rent growth and occupancy exceeded expectations of some forecasters despite increasing supply coming into the market. Absorption of multifamily units was very strong in 2014 and, as a result, vacancy rates are at their lowest level in 13 years according to Freddie Mac.