News release

$69.5M sale of suburban Chicago multi-housing community closes

JLL Capital Markets closed the sale of The New Colonies Apartments in off-market deal

October 07, 2021

Cierra Lacasse

Hotels & Hospitality and Capital Markets
+ 1602 648 8701

CHICAGO – Oct. 7, 2021 – JLL Capital Markets announced today that it has closed the $69.5 million sale of The New Colonies, a 672-unit, garden-style multi-housing community in Steger, a suburb 35 miles south of downtown Chicago.

JLL arranged the sale on behalf of the seller, CiTYR. Bender Companies acquired the property in an off-market transaction.

The New Colonies, originally constructed in 1973, comprises 72 studio, 390 one-bedroom, 150 two-bedroom and 60 three-bedroom units averaging 676 square feet. The community has been well maintained and features large landscaped grounds, an outdoor pool, a dog park, a fitness center and a community clubhouse with business center.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director David Gaines and Director Kyle Butler. 

“Robust demand and tightening availabilities have supported strong rent growth in suburban Chicago thus far in 2021,” said Gaines. “Average asking rents increased by over six percent during the first half of the year, which has helped push the year-over-year growth in multi-housing rents in the Chicago area to its highest level in more than a decade at four and a half percent.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About CiTYR

CiTYR Holdings is a fully integrated New York based commercial real estate investments firm, focused on equity investments, predominantly in the multifamily space. CiTYR’s management team has over 50 years of cumulative industry experience, and over 200 closed equity investments.

About Bender Companies

Bender Companies is an owner-operator specializing in the acquisition and management of value-add multifamily assets. Since its inception in 2011, Bender Companies has established a proven track record of high performing investments through strategic acquisitions, mitigating risk, and effective management. For more information, please visit: