HIGHWOOD, IL — Fort Sheridan Place apartments in Highwood have been purchased for nearly $40 million by a San Francisco-based real estate investment firm, Crain’s Chicago Business reported. Lake County property records show a division of FPA Multifamily last month bought the 252-unit, 7-acre rental development in the 600 block of Sheridan Road for $39.9 million.
The sale represents a heft profit for a division of Chicago-based Morningside Group, which purchased the building in January 2009 for $14 million.
Although the rate of occupancy of suburban apartments dipped nearly 2.5 percent over the past year, rent in the suburbs has been rising for more than 5 years, according to figures from a Chicago-based consulting firm cited by Crain’s.
That firm predicted that suburban apartment sales could reach a record of $1.66 billion in 2017, compared to the previous record of $1.7 billion set a decade ago.
Crain’s notes FPA has been on a buying spree around the Chicago area so far this year. Over the summer it spent $98.5 million on Addison of Naperville, a 640-unit apartment building, and $48 million for 165 units in the South Loop.