H
ighlands Vista Group has expanded its portfolio with the acquisition of Luna Park Apartments, a 198-unit complex in Gurnee. The Denver-based investment firm paid $31.1 million for the property, which translates to $157,000 per unit. Highlands Vista financed the deal with a 10-year, $23.5 million Fannie Mae loan arranged by Walker & Dunlop.

    The acquisition marks a strategic move into the Chicago market for Principal Greg Litvak, who sees the city as a key addition to its growing multifamily investments. The Luna Park Apartments, built in the 1980s, offer average monthly rents of $1,480 for one-bedroom units and $1,652 for two-bedroom units.

    Chicago's suburban rental market has become increasingly attractive to investors due to rising rents, high demand, and occupancy rates nearing 98 percent. The Waukegan-Gurnee submarket, in particular, is underdeveloped, with only 1,716 new rental units added since 1996. Median rent in the suburbs reached $2.08 per square foot in the third quarter, a nearly 4 percent year-over-year increase.