Connor Group closes on 2nd largest deal in its history

A photo from the Glenmuir of Naperville property in Chicago. Contributed

Combined ShapeCaption
A photo from the Glenmuir of Naperville property in Chicago. Contributed

‘Record-setting’ summer deals pace continues, firm says

A Miami Twp. real estate firm just closed on what it says was its second largest property sale in its nearly three-decade history.

The Connor Group sold Glenmuir of Naperville in Chicago this month, seven years after buying the 321 unit property. The firm did not disclose terms.

“While incredible market conditions created the perfect opportunity for us to sell, it’s truly our people at the property who made the difference,” Connor said in an announcement Monday. “We’ve found our associates in Chicago have done nothing short of a phenomenal job over the last 12-months positioning us to sell, and the result is a record-setting transaction. It’s a perfect example of why people count.”

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Brock Wright, Connor Group partner and vice president of acquisitions, dispositions, debt and analytics, said the transaction was closed with a firm he knows well, with the sale offering “an excellent example of how the company utilizes its’ deep market knowledge and resources to best serve investors.”

“Our business at its core is built on people and relationships,” Wright said. “Maintaining relationships like this has proven to pay dividends now and potentially in the future for all parties involved.”

Wright said the Naperville, Ill. submarket is one the company plans to continue operating in long-term, expecting the area to continue to outperform other areas of the Chicago real estate market.

The Connor Group is on track for what it called Monday a “record-setting summer,” having closed or placed under agreement $848 million in transactions.

Today, the company is on pace to surpass $2 billion in transactions for the first time in its history.

The business owns and operates 45 apartment communities in 16 markets nationwide, buying apartments it deems ripe for appreciation and selling them when the time is right.

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