Plainfield complex sells for $95M in latest suburban apartment deal

May 29, 2026 - 01:59

A large apartment complex in Plainfield has changed hands for $95 million, marking another major transaction in the Chicago suburbs' multifamily market. The property, which was purchased by an undisclosed buyer, represents a substantial return for the seller.

The sale price appears to mark a significant gain from the $62 million that the seller, Oak Brook-based apartment investor JVM Realty, paid for the property back in 2014. That means the complex appreciated by more than $30 million over roughly a decade, reflecting the sustained demand for rental housing in the region.

The complex itself is a sizable development, offering hundreds of units. While the exact number of units was not immediately detailed in public records, the price per unit falls in line with recent suburban apartment sales. Investors have been actively targeting properties in outlying suburbs like Plainfield, where rents have climbed steadily and vacancy rates remain low.

JVM Realty had owned and managed the property since purchasing it nearly ten years ago. During that time, the firm likely made upgrades to the units and common areas, which helped boost its value. The sale is the latest in a string of apartment deals across the Chicago area, as institutional investors and private equity firms continue to pour capital into multifamily real estate.

The transaction underscores the ongoing strength of the suburban rental market, even as rising interest rates have cooled some other commercial property sectors. For now, Plainfield joins a growing list of suburbs where apartment complexes are trading at premium prices.