Bender Cos. has acquired The New Colonies, a 672-unit, garden-style multi-housing community in Steger, a suburb 35 miles south of downtown Chicago, for $69.5 million.
The seller is CiTYR.
The New Colonies, originally constructed in 1973, comprises 72 studio, 390 one-bedroom, 150 two-bedroom and 60 three-bedroom units, averaging 676 square feet. The community has been well maintained and features large landscaped grounds, an outdoor pool, a dog park, a fitness center and a community clubhouse with business center.
“Robust demand and tightening availabilities have supported strong rent growth in suburban Chicago thus far in 2021,” said David Gaines, managing director on the JLL Capital Markets Investment Sales Advisory team, which represented the seller. “Average asking rents increased by over six percent during the first half of the year, which has helped push the year-over-year growth in multi-housing rents in the Chicago area to its highest level in more
