FPA Multifamily Acquires 642-Unit Reserve At Hoffman Estates For $102 Million

The transaction involved a multifamily asset located at 875 Pacific Avenue in Hoffman Estates. The property features 642 units and was sold for a total consideration of $102 million, translating to a price per unit of $158,879. FPA Multifamily acquired this apartment complex, continuing their strategy of investment in the Chicago suburbs.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $102,000,000
• Units: 642
• Price Per Unit: $158,879
• Buyer: Greg Fowler - FPA Multifamily
• Seller: Andrew Schor & Edward Biskind - Intercapital Group
• Brokers: Chuck Johanns, Liz Gagliardi & Susan Lawson - Newmark
• Date of Transaction: 07/10/2024
• Market: Hoffman Estates
• Assumed Seller's Debt: $80,100,000
• Interest Rate on Debt: 4.52%

The deal saw Greg Fowler represent FPA Multifamily in the acquisition, while the sellers, Andrew Schor and Edward Biskind, were represented by Newmark through brokers Chuck Johanns, Liz Gagliardi, and Susan Lawson. This transaction reflects FPA Multifamily's ongoing acquisition strategy in the area, positioning them favorably within the multifamily market segment.