New York Life Finances $64.2M Multifamily Deal in Chicago

Posted on Sep 4 2015 - 8:46pm by Brandon De Hoyos

(CHICAGO)— A 642-unit Hoffman Estates multifamily complex has been purchased by an unknown buyer after scoring $64.225 million in financing from New York Life Insurance Co.

Holliday Fenoglio Fowler LP, which brokered the deal, said the purchase of Berkshires at Hoffman Estates at 875 Pacific includes 40.47 acres of land, and is said to have “impeccable features” and “exquisite amenities,” Law360 reports.

“Nestled within a park-like setting, Berkshires at Hoffman Estates is perfectly surrounded by beautiful lakes, jogging and biking trails,” the property’s website states. “Our spacious one and two bedroom apartment homes feature upscale comforts like gas fireplaces, built-in-microwaves, and a private patio or balcony.”

The property features 30 buildings, two tennis courts, in addition to a hot tub, fitness center, outdoor heated swimming pools, and several ponds. The complex is 95 percent occupied, with units measuring an average of 966 square feet.

The apartments were recently renocated, with kitchen and bathroom upgrades.

Berkshire Communities is the property manager of the complex, one of 69 communities and roughly 25,000 units it managed as of the end of 2014.