Berkadia has arranged the sale of a seven-property multifamily portfolio in Chicago, Illinois, on behalf of seller Aimco. The portfolio, totaling 1,495 apartment units, traded for $455 million and was acquired by California-based LaTerra Capital Management and Respark Residential.
Senior Managing Director Pete Evans from Berkadia’s Chicago office and Senior Director Richard Evans from the firm’s Milwaukee office advised Aimco on the disposition. Their mandate covered marketing the portfolio and guiding the seller through the closing process for this large-scale transaction involving multiple properties across the Chicago area.
The buyer group secured a mix of debt and equity to complete the acquisition. According to Berkadia, 3650 Capital provided approximately $104 million in capital to Respark and LaTerra to facilitate the purchase of the 1,495-unit portfolio. In addition, the transaction structure included the assumption of $308 million in Fannie Mae loans, with the balance of the capital stack filled by equity from Respark and LaTerra.
The transaction also includes a planned capital improvement component. Approximately $20 million of the invested capital has been earmarked for property enhancements across the portfolio. These funds are expected to support upgrades and improvements at the communities, although specific scopes of work or timelines were not detailed.
Aimco’s prior investment, institutional-level management, and capital programs across the assets were cited as factors that positioned the portfolio to offer the buyers multiple revenue growth opportunities and operational flexibility. The properties are located in several of Chicago’s top-performing submarkets, including Evanston, Lombard, Elmhurst, Hyde Park, and Rolling Meadows, providing geographic diversification across established rental neighborhoods and suburbs within the greater metropolitan area.
The deal underscores ongoing investor interest in scale multifamily opportunities in the Chicago region and highlights the role of agency debt and structured capital in executing large portfolio trades. The combination of loan assumptions, new capital from 3650 Capital, and equity from the buyers provided a comprehensive capital stack that supported the $455 million acquisition and the planned reinvestment into the properties.
In a separate note related to the regional multifamily market, Connect CRE announced that the Connect Midwest Multifamily Trends Conference will take place on Tuesday afternoon, June 2, 2026. At the event, JDL Founder Jim Leitchinger will be honored with the Changing Skyline Award, followed by a keynote interview offering his perspectives on multifamily development in the Midwest.
