A
bacus Capital Group has significantly expanded its multifamily portfolio with the acquisition of a major apartment complex in Naperville. The New York-based investment firm purchased the 417-unit Railway Plaza at 507 Railway Drive from Cantor Fitzgerald and BH Equities for $109 million, or approximately $261,400 per unit. This sale surpasses FPA Multifamily's purchase of the Reserve at Hoffman Estates, which closed at over $102 million ($158,900 per unit) in July.

    The sellers had acquired the property for $96 million ($230,200 per unit) just two years ago. Abacus Capital borrowed nearly $71 million from Fannie Mae to finance the deal, with an affiliate of Newmark arranging the transaction. The complex is situated on 20 acres and comprises 13 buildings, boasting a nearly 97% occupancy rate with average rents of $1,959 per unit.

    This acquisition marks another milestone for Abacus Capital, which has established itself as a major player in the multifamily investment landscape under the leadership of President Ben Friedman. Since 2004, the firm has secured approximately 31,000 units and invested over $4.8 billion across various markets, including Los Angeles and Jacksonville, Florida.

    Chicago's multifamily sales volume has reached $2.6 billion this year, following last year's record-breaking $3.9 billion, according to CoStar data. Abacus Capital's expansion into the West Coast earlier this year with the purchase of a 236-unit apartment complex in Sherman Oaks for $72.5 million further solidifies its position as a formidable player in the industry.