According to sources familiar with the transaction, California-based FPA Multifamily has acquired Vantage Oak Park at 150 Forest Avenue. The luxury high-rise building stands at 21 stories and contains 270 units, making it the tallest apartment tower in its suburban location.
The property was sold for approximately $80 million, a significant decrease from its previous sale price of over $102 million when it was purchased by Magnolia Capital and Goldman Sachs in 2018. Developed through a partnership between Wood Partners of Atlanta and CBRE, Vantage Oak Park was completed in 2016.
Designed by Gensler, the building offers studio, one-, and two-bedroom floor plans as well as retail space spanning over 25,000 square feet on the ground level and second floor along Lake Street. FPA has been actively acquiring properties in Chicago recently; their most recent purchase being a high-rise with over 500 units located in South Loop for $144 million back in March.
This latest acquisition adds to FPA’s growing portfolio of Chicago properties.
