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

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.

For more news, videos and research resources on JLL, please visit our newsroom.