Chicago-based investment firm Bender Companies has spent $20.5 million, or $118,500 per unit, in Burbank Manor, a 173-unit active adult complex in Burbank, Illinois. Built in 1985, the apartments sit on 6 acres in the suburbs of Chicago. The property is well maintained and offers its residents a variety of amenities including secured outside entries, balconies, in-unit washers and dryers, and on-site parking with 300 tenant spaces.
The buyer is a company that shares a Chicago address with Bender. Burbank Manor previously sold in 2021 for $14.6 million, or $84,400 per unit. That means the seller, Advantage Management, sold the complex for 40% more than their original purchase price. Given the interest in the active adult sector, the premium makes some sense.
