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Highlights
The Solomon Organization acquired the 292-unit Springs at Weber Road complex in Romeoville for $76 million from Continental Properties, a deal funded with a $50.4 million Freddie Mac-backed loan.
This deal is part of the New Jersey-based firm’s expansion into the Chicago suburbs, bringing its total recent acquisitions in the area to 1,156 units across three properties, adding to its existing Midwest portfolio of over 10,000 units.
The suburban Chicago multifamily market is attracting buyers because it outpaces the downtown area, offering strong fundamentals like limited new supply, superb rent growth and greater certainty over tax costs in collar county markets, like Romeoville, which fall outside the Cook County property tax system.