CBRE Arranges Sale of 272-Home Multifamily Community

CBRE has arranged the sale of Legacy at Fox Valley, a 272-home private-entry luxury apartment community located in Aurora, IL. White Oak Partners sold the property to BH Management Services in a transaction that closed May 16, 2022. A sale price was not disclosed.

CBRE’s John Jaeger and Justin Puppi represented the seller, White Oak Partners, in the transaction.

Built in 1998, Legacy at Fox Valley is well located in the Aurora/Naperville submarket and benefits from proximity to the I-88 E-W Tollway jobs corridor, excellent schools, and vast retail options. The property recently underwent renovations to the clubhouse and amenities, more than half of the unit interiors, and other major building systems. Current amenities at the property include a renovated resort style clubhouse, event kitchen, outdoor heated pool and sundeck, dog park, volleyball court and more.

“This offering was attractive to investors because of its proven performance paired with significant value-add upside in a high barrier-to-entry market,” said Jaeger. “Across Chicago, properties are exhibiting exceptional operations, including double-digit rent growth year-over year. This is the strongest apartment market I have seen during my 30 years working in the market.”

According to a recent CBRE report, Chicago ranked third among U.S. markets for multifamily net absorption with 5,900 units in Q1 2022. The city ranks fourth over the last four quarters with 33,300 units of net absorption. Chicago saw vacancy dip under 3%, landing at 2.8%.