Aimco Sells $455M Seven-Property, 1495-unit Chicago Multifamily Portfolio to Laterra Capital Management & Respark Residential
Chicago, Illinois – March 31, 2026 – Berkadia, distinguished leader in the commercial real estate sector, announced today the sale of a seven‑property multifamily portfolio in Chicago, Illinois. Senior Managing Director Pete Evans of the Chicago office and Senior Director Richard Evans of the Milwaukee office advised the seller, Aimco, on the transaction.
The portfolio sold for $455 million to California-based LaTerra Capital Management and Respark Residential on March 27.
The Aimco Chicago Portfolio presented an opportunity to acquire seven-property scale, spanning five locations in a Metro with an established history of the strongest and most durable fundamentals in the country. Aimco’s exceptional execution, institutional management, and extensive capital investment in each of the properties positioned the Portfolio’s buyer with multiple streams of revenue growth and optionality. With noted locations in five of Chicago’s top-performing submarkets— Evanston, Lombard, Elmhurst, Hyde Park, and Rolling Meadows— this is a strategic collection of suburban and urban assets, allowing for significant scale across rapid-growth, supply-constrained areas.
The portfolio consists of the following properties:
- Eldridge Townhomes – 58 Units | 2020 | 1101 S. Eldridge Avenue, Elmhurst, IL
- Elm Creek – 400 Units | 1987 | 1 Elm Creek Drive, Elmhurst, IL
- Evanston Place – 190 Units | 1990 | 1715 Chicago Avenue, Evanston, IL
- Hyde Park Tower – 155 Units | 1989 | 5140 S. Hyde Park Blvd, Chicago, IL
- Willow Bend – 328 Units | 1969 | 2850 Southampton Drive, Rolling Meadows, IL
- Yorktown Apartments – 292 Units | 1971 | 2233 S. Highland Avenue, Lombard, IL
- 2200 Grace – 72 Units | 1972 | 2200 S. Grace Street, Lombard, IL
Chicago is the one of the strongest risk-adjusted multifamily markets in the nation and a long-established rent growth leader. It was the #1, #2, and #4 Annual Rent Growth Leader every month of 2025, amongst the top 50 apartment markets (RealPage). According to Yardi, the average multifamily occupancy in the Chicago market has been strong at 96 – 97% for 2024 – 2025 and is expected to grow to 97%+ in 2026 and onward. For 12 consecutive years, Chicago has been named the #1 Corporate Investment Market — with 582 projects for 2025 (Site Selection / Conway Data). Of the 150 largest markets, CoStar noted Chicago as the #1 Demand Market spanning 2019 – 2024. Per the Census Bureau, Chicago is the #7 city and #9 metro for population growth (2023 – 2024; reported 2025).