Berkadia announced the sale of a seven-property multifamily portfolio in Chicago, Illinois.
Senior Managing Director Pete Evans of the Chicago office and Senior Director Richard Evans of the Milwaukee office advised the seller, Aimco, on the transaction. The portfolio sold for $455 million to California-based LaTerra Capital Management and Respark Residential.
3650 Capital provided approximately $104 million in capital to Respark and LaTerra for the acquisition of the 1,495-unit portfolio. The transaction was capitalized with $308 million in Fannie Mae loan assumptions and equity capital from Respark and LaTerra. Approximately $20 million of the invested capital will fund improvements to the properties.
Aimco’s execution, institutional management, and capital investment in each property positioned the portfolio’s buyer with multiple streams of revenue growth and optionality. The properties are located in Chicago’s top-performing submarkets, including Evanston, Lombard, Elmhurst, Hyde Park, and Rolling Meadows.
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