January 9, 2017
Origin Investments partnered up with Draper and Kramer Inc. and LEM Capital to acquire the 448-unit Village Park of Palatine in Palatine, IL, a suburb of Chicago. A Detroit-based venture, led by Jonathan Holtzman, was listed as the seller of the Class B complex at 860 W. Panorama Dr.
The asset, situated on 28 acres, is a value-add investment for the partners, which reportedly paid $48 million for the purchase. During the next 30 months, the new owners will upgrade the complex, both through unit enhancements and sprucing up the common areas. The partners also plan to add an outdoor kitchen and dog park, and will convert the tennis courts to bocce ball.
Village of Palatine’s’ mix includes studio apartments, as well as one, two, and three-bedroom units. Sizes range from 994 to 1,225 square feet.
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