Continental Properties Acquires Plainfield Multifamily From Wingspan Development For $78.4M

The luxury multifamily development located at 14750 Wallin Drive in Plainfield, southwest of Chicago, was sold for $78.4 million in an off-market transaction. The property consists of 284 units, with a price per unit of $276,056. The seller, Wingspan Development Group, sold the complex to Continental Properties, marking a significant increase in value from the reported $60 million cost.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $78,400,000
• Units: 284
• PPU: $276,056
• Address: 14750 Wallin Drive
• Market: Plainfield

The deal was facilitated by brokers Alex Malzone, Dominic Martinez, and Parker Stewart from NorthMarq. The buyer, James Schloemer, represented Continental Properties, while the sellers were Nick Papanicholas Jr and Christopher Coleman from Wingspan Development Group. Continental Properties secured a $51 million loan from Equitable Financial Life Insurance Company of America for the acquisition.