Miami, FL — April 13, 2019 – Pensam Residential, a national multi-housing owner and operator, announced today that through an affiliate it has acquired Legend Park Apartments, a 367-unit multifamily apartment community located in Schaumburg, Illinois.
Legend Park was built in 1973 and consists of seven garden-style buildings situated on a low-density 22-acre site. The property features a combination of one-, two- and three-bedroom units that average 816 square feet. Community amenities include a 6,000 square foot clubhouse, outdoor swimming pool, fitness center, tennis court, sand volleyball court, children’s playground, laundry facilities and storage rooms. Prior to Pensam’s acquisition, the property had been owned and operated by the same party since 2002 and is well positioned for value-add enhancements such as interior, exterior and amenity upgrades.
The Property’s location in Schaumburg, an affluent Chicago suburb, offers residents convenient access to major employers, a top-rated school district and direct public transit to downtown Chicago. Schaumburg is Illinois’ second largest economic center and home to major tech companies and employment drivers including Motorola, Zurich American Insurance, IBM, Verizon Wireless, Experian, OptumRx and Genworth Financial Capital. In 2018, MONEY Magazine ranked the Village of Schaumburg the Best Place to Live in Illinois.
“Legend Park is a strong addition to our Chicago portfolio and a prime example of the type of acquisitions we continue to seek,” commented Michael Stein, Founding Partner of Pensam Residential. “Pensam, together with our property management partner BH Management, has a proven track record of success owning and managing rental properties in the Chicago metro area. Legend Park presents an opportunity to further this.”
Legend Park marks Pensam’s 7th multifamily investment in the greater Chicago metropolitan area. Pensam continues to actively invest in the multifamily properties throughout the United States, both through direct equity investments and as a leading preferred equity provider.
About Pensam Residential
Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States.
Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, repositioning, and management. Pensam has invested in over 37,000 units across 131 properties. For more information visit www.pensamresidential.com.
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