LaSalle Investment Management calls on Berkadia to find a buyer in Woodview

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15 Parkway North in Deerfield (Google Maps, Getty)

An upscale apartment building in the Chicago suburb of Deerfield has entered the market as its owner seeks to tap into a booming multifamily market.

LaSalle Investment Management has tapped Berkadia to find a buyer for a 248-unit Woodview Apartments on the southwest corner of Deerfield Road and I-94, Crain reported. LaSalle acquired the property on behalf of a client more than six years ago.

There is no publicly listed asking price for the resort, but the seller hopes it will move for more than the $81.8 million LaSalle spent in 2016, given current market conditions.

Built in 2015, the Woodview complex is located near several office buildings with tenants including Walgreens Boots Alliance, Baxter International, Horizon Pharmaceuticals and Discover Financial Services. Since demand for apartments is often stimulated by proximity to a high concentration of offices, Woodview is well positioned to attract tenants.

The apartment complex also secured 155 new leases this year. The average apartment rented for more than 14 percent above expired leases, according to Berkadia.

Many owners are looking to take advantage of the strong suburban multifamily market. In nearby Evanston, the Wirtz family, currently overseen by Chicago Blackhawks president Rocky Wirtz, has sold its entire five-building apartment portfolio for $35.3 million. Pricing breaks down to around $215,000 per unit.

Further south in Bensenville, San Francisco-based FPA Multifamily sold an apartment complex near O’Hare International Airport for $106 million, or $186,000 per unit. FPA had spent $75.3 million on the property in 2019.

Naperville is also betting big on high-end multifamily housing. City Council has approved a 212-unit apartment complex for the far south of the city and an eight townhouse development near Rotary Hill.

—Victoria Pruitt

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