The Meadows at River Run, a 374-unit rental complex located at 350 Whitewater Drive in Bolingbrook, suburban Chicago, was recently sold for $73 million. The buyer, Timothy Wallen of MLG Capital, acquired the property in one of the year's most significant suburban trades. This purchase marked MLG Capital's 18th acquisition in 2023 and expanded their Illinois portfolio to a total of 1,056 units. The seller, Scott Schaeffer of Independence Realty Trust, utilized the proceeds from the sale to reduce debt and exit certain markets.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $73,000,000
• Address: 350 Whitewater Drive, Bolingbrook
• Market: Bolingbrook
• Buyer: Timothy Wallen - MLG Capital
• Seller: Scott Schaeffer - Independence Realty Trust
• Lender: NorthMarq Capital Finance - Jeffrey Weidell
• Units: 374
• Price Per Unit: $195,187

The transaction was financed by NorthMarq Capital Finance, with Jeffrey Weidell leading the lending efforts. MLG Capital's acquisition of The Meadows at River Run adds to their growing presence in the Illinois real estate market. Independence Realty Trust, the seller, used the sale proceeds to deleverage their portfolio and strategically exit certain markets.