CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, today announced the sale of The Monarch: a 236-unit, four-story, wrap-style multifamily community in the Chicago suburb of Des Plaines, Illinois.
The project, which was completed in 2020, sold at 100% leased and 99% occupied, demonstrating the strength of the Chicago suburbs. The buyer and purchase price were not disclosed.
“We’re incredibly proud of our team’s hard work and forward-thinking investment strategy, which not only led to this successful transaction, but enabled us to produce solid returns for our investors,” said Jay Remillard, Managing Director at CP Capital. “Alongside our operating partner, we pinpointed a unique opportunity to bring affordable, luxury apartment rentals to a market with limited supply. Despite market headwinds and a tricky local tax environment, we successfully achieved many of our original investment goals for this project. This sale is a testament to the strong fundamentals of the multifamily market and our innovative approach to multifamily investment.”
The Monarch features Class-A unit finishes, including granite countertops, stainless steel appliances, NEST Learning Thermostats, custom walk-in closets, wood-style flooring, televisions in master bath mirrors, heated tile floors in the master bathrooms, and more. Residents also have access to a state-of-the-art fitness center, pool and spa deck, yoga studio, parking garage, game room, pet spa and pet park, gas grills, and a modern clubhouse. Additionally, the project is adjacent to Forest Preserves of Cook County, which offers numerous outdoor recreational activities and a network of hiking and biking trails.
Located at 150 East River Road, The Monarch is in close proximity to Interstate 294, Interstate 90, and US 58/Golf Road, three major thoroughfares providing direct access to a variety of primary employment hubs, including the Rosemont/O’Hare employment center, O’Hare International Airport, and downtown Chicago. The community is also conveniently located near two commuter rail stations, Des Plaines Metra station and Golf Metra station, as well as several Fortune 500 headquarters for major brands including Walgreens, Mondelez International, Kraft Foods Group and Allstate.
The transaction comes on the heels of CP Capital’s announcement of increased activity across its portfolio last month, which included upcoming construction and leasing milestones at 13 multifamily developments, signifying the positive trajectory of the U.S. multifamily market.