LaTerra Capital Management And Respark Residential Acquire Multifamily Portfolio From Aimco For $455M

The transaction involved a multifamily portfolio comprising seven properties located in Elmhurst, Evanston, Lombard, Chicago, Rolling Meadows, and Hyde Park, IL. The deal was executed for a total sale price of $455,000,000, covering 1,495 units, resulting in a price per unit of $304,348. The portfolio features a diverse mix of asset types including high-rise, mid-rise, garden-style, and townhome communities.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $455,000,000
• Units: 1,495
• Price Per Unit: $304,348
• Buyer: Ben Jones, Chris Tourtellotte & Justin Campbell - Respark Residential; & LaTerra Capital Management
• Seller: Aimco
• Capital Markets Advisors: Michael Lohan, Zubair Khan, Luke Burns & Alex Cabeca - Nineteen Blocks

Nineteen Blocks advised LaTerra Capital Management and Respark Residential on the capitalization for their acquisition. The transaction was supported by $308 million of in-place Fannie Mae financing and an additional $104 million in preferred equity provided by 3650 Capital. The acquisition reflects current occupancy levels near 97% within the Chicago multifamily market.