loader image

Two large apartment complexes in Wheaton change hands

From left: Connor Group’s Larry Connor, Wheaton 121 at 121 North Cross Street, 2 Wheaton Center, and FPA Multifamily Managing Partner Gregory Fowler (Credit: FPA, The Connor Group)

Two large apartment complexes in Wheaton have new owners after separate deals that saw a total of 1,064 units change hands.

FPA Multifamily bought the 758-unit Wheaton Center property at 2 Wheaton Center while Connor Group bought the 306-unit Wheaton 121 property at 121 North Cross Street, according to Crain’s.

DuPage County records do not yet indicate how much San Francisco-based FPA paid New York-based Edge Principal Advisors for Wheaton Center, but Ohio-based Connor Group paid Atlanta-based Invesco $72 million for Wheaton 121.

That marks a big loss for Invesco, which paid $98.8 million for Wheaton 121 in 2015. The complex sold for less, sources told Crain’s, in part because of a huge property tax increase for the property after Invesco bought it: The 2018 tax bill jumped 47 percent from 2016 to $2 million.

While the surging suburban apartment market has pushed up property values — and tax bills — in many places, the older and less expensive Wheaton Center didn’t see nearly the increase that Wheaton 121 did: its per-unit bill worked out to less a third of Wheaton 121’s.

HFF arranged the Wheaton Center sale for Edge Principal Advisors, which paid $44 million for the complex in 2014 and reportedly was seeking about $135 million for it. [Crain’s] — John O’Brien

 

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print

Responses

Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.

X