3650 Capital has provided approximately $104 million in capital to Respark Residential and LaTerra Capital Management for the acquisition of a seven-property, 1,495-unit multifamily portfolio in and around the greater Chicago region from Aimco.
In addition to 3650’s agency-compliant investment, the transaction was capitalized with roughly $308 million of Fannie Mae loan assumptions as well as equity capital from Respark and LaTerra. Approximately $20 million of the invested capital will fund improvements to the properties, including both common area and unit upgrades, reflecting a significant value-creation opportunity.
“In the post-COVID era, the greater Chicago region has emerged as one of the strongest multifamily housing markets in the country,” said Michael Fleischer, deputy CIO at 3650. “While some regions are experiencing oversupply, the Midwest is seeing a sustained period of strong performance and stability driven by limited new supply, robust dema
