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Jason Berkowitz Of RPM Living Acquires 294-Unit Orland Ridge Community In Orland Hills For $102M

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SOLD
$102,000,000

Illinois

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MultiFamily
Sold 03/20/2026
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Property Image
SOLD

Jason Berkowitz Of RPM Living Acquires 294-Unit Orland Ridge Community In Orland Hills For $102M

16966 Pond Willow Dr

See Similar Deals
MultiFamily
Sold 03/20/2026
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 16966 Pond Willow Drive in Orland Hills. It comprises 294 units and was acquired for $102,000,000, resulting in a price per unit of $346,939. The community, known as Orland Ridge, was completed in 2023 and is nearing stabilization, reflecting the current market dynamics in suburban rental housing.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $102,000,000
  • Units: 294
  • Price Per Unit: $346,939
  • Buyer: Jason Berkowitz
  • Company: RPM Living
  • Market: Orland Hills

This transaction marks one of the largest Midwest build-to-rent single-asset trades. The strong investor demand for suburban rental housing is indicative of continued rent growth expectations in the Chicago metro area.

Players

Jason Berkowitz
RPM Living Investments
Jason Berkowitz
4 deals$253M volume
BUYER

Details

SOLD
IMAGE: Jason Berkowitz DATE: 03/20/2026 ADDRESS: 16966 Pond Willow Drive MARKET: Orland Hills ASSET TYPE: Multifamily BUYER: Jason Berkowitz - RPM Living (@RPMLiving) SALE PRICE: $102,000,000 UNITS: 294 ~ PPU: $346,939 NOTE: RPM Living acquired the 294-unit Orland Ridge build-to-rent community at 16966 Pond Willow Dr in Orland Park for $102M, marking one of the largest Midwest BTR single-asset trades.Completed in 2023 and near stabilization, the deal reflects strong investor demand for suburban rental housing as buyers underwrite continued rent growth in the Chicago metro.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,440,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$362,384.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$483,532.04
Annual Debt Service$5,802,384.46