A New Jersey-based investor has paid $136 million for a 640-unit apartment complex west of Chicago in the highest-priced multifamily sale in the suburbs this year and one of the biggest ever.
The Solomon Organization earlier this month bought the nearly 34-acre complex at 1598 Fairway Drive in Naperville, Illinois, according to DuPage County property records.
San Francisco-based FPA Multifamily was the seller. That firm bought it for $98.5 million in 2017, according to CoStar data.
Solomon’s deal for the Fifteen 98 Naperville complex continues a run of high-priced sales in the Chicago suburbs, including Mesirow’s $100 million sale of a 294-unit complex in north suburban Vernon Hills that had been the highest-priced deal so far in 2025. That deal also came earlier in August.
The $136 million investment by Solomon is the largest suburban multifamily deal since a Hines affiliate bought the two-tower, 352-unit E2 complex in north suburban Evanston in December. That set the suburban record, topping the $139.25 million sale of a 612-unit complex in northwest suburban Palatine in 2022.
Chicago-area apartment rents have been boosted by a slowdown in construction, pushing rent growth in the area to number two among the top 50 U.S. markets, according to a CoStar analysis.
That has led to several major sales in the suburbs over the past several months, also including the $109 million sale of the 417-unit Railway Plaza complex in Naperville late last year.
Solomon and FPA did not immediately respond to requests for comment on the deal.
Based in Summit, New Jersey, Solomon owns about 21,000 units in nine states, according to the company’s website.
The firm’s Naperville purchase was backed by a loan of just over $90.8 million from Berkadia Commercial Mortgage, according to property records.
The complex previously was known as the Addison of Naperville. Completed in 1984, it includes 39 two-story buildings. The property has 6.6% vacancy, with asking rents of $1,879 per unit and $2.11 per square foot, according to CoStar data.
FPA has been an active buyer and seller in the Chicago area in recent years. The firm earlier this year sold a 294-unit complex in west suburban Downers Grove for $72 million. The firm also recently bought the 356-unit Huntington Apartments in Naperville for $68 million, a deal that included a loan assumption, Crain’s Chicago Business reported in March.
Last year, FPA paid just over $102 million for the 642-unit Reserve at Hoffman Estates in the northwest suburbs and $144 million for the 500-unit Paragon tower in Chicago’s South Loop.