Coastal Ridge Acquires Luxury Apartment Complex In Des Plaines For $58.7M

The Monarch, a luxury apartment complex located at 150 East River Road in Des Plaines near Chicago, has been sold in a recent property transaction. The multi-family asset, consisting of 236 fully leased units, was purchased by Coastal Ridge, a company based in Ohio. The sale price for the property amounted to $58,700,000, with each unit valued at approximately $248,729.

Summary of Transaction Details:

• Property Type: MultiFamily
• Transaction Amount: $58,700,000
• Address: 150 East River Road, Des Plaines
• Market: Des Plaines
• Buyer: Coastal Ridge - Andy Lallathin & Patrick McBride
• Seller: CP Capital US - Jay Remillard
• Units: 236
• Price Per Unit: $248,729

Coastal Ridge, represented by Andy Lallathin and Patrick McBride, successfully acquired The Monarch from the seller, CP Capital US, with Jay Remillard as their representative. The purchase of this property reflects the strong demand in Chicago's rental market, driven by a 3.6% rent growth rate since August 2022, which is significantly higher than the national average. The acquisition of this fully leased luxury apartment complex aligns with Coastal Ridge's investment strategy and highlights their ongoing commitment to expanding their portfolio.