October 26, 2018
HFF has arranged the sale of Wheaton Center, a 758-unit, multi-building apartment complex in the west Chicago suburb of Wheaton, IL, to FPA Multifamily LLC. The purchase price was not disclosed; Crain’s Chicago Business cited estimates of $135 million.
The HFF team of Marty O’Connell, Sean Fogarty, Wick Kirby and Kevin Girard represented the seller, a joint venture of Draper and Kramer Inc. and Edge Principal Advisors. The property was purchased free and clear of existing debt.
Most recently renovated in 2017, Wheaton Center consists of six elevator-served residential buildings, including two 20-story towers and four low- and mid-rise buildings.
For San Francisco-based FPA, the Wheaton Center deal represents the third Chicago-area buy in the past two months. In late August, the company acquired The Lex in Chicago’s South Loop, and earlier this month it picked up the Residences at the Grove in Downers Grove, IL.
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