Solomon Organization Buys Multifamily Assets In Naperville And Westmont For $80 Million

The transaction involved the sale of 30w041 Flamenco Court & 1 West Quincy Street, located in the Naperville and Westmont markets. The multifamily asset consists of 318 units, with a price per unit of $251,572, culminating in a total sale price of $80,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $80,000,000
• Buyer: Solomon Organization
• Buyer's Representative: Bob Flannery - Banner Real Estate Group
• Seller: Marc Venegas & Mark Limpert - Orion Residential; Tim Healy - Holladay Properties
• Units: 318
• Market: Naperville & Westmont
• Price per Unit: $251,572

This deal highlights the involvement of prominent organizations and individuals within the real estate market. Solomon Organization, based in Summit, NJ, acquired the 224-unit Orion59 Apartments in a separate transaction for $43 million, while Banner Real Estate Group, located in Chicago, purchased the 94-unit Quincy Station Apartments for $37 million from Holladay Properties, based in South Bend, IN. The entire activity reflects a strong demand for suburban multifamily properties driven by limited new supply and rising rents.