Trilogy Reg A+ Fund Buys Chicago Multifamily Property

Trilogy Multifamily Income & Growth Holdings, a Regulation A+ bond offering sponsored by Trilogy Real Estate Group, has purchased a 138-unit, Class A multifamily property located in Chicago’s Logan Square neighborhood.

According to a public filing with the Securities and Exchange Commission, the fund purchased Noca Blue from an unaffiliated seller for $37.5 million, of which $27.6 million was funded by seven unsecured promissory notes provided by Trilogy affiliates.

“We are very excited to have acquired the first property within the Trilogy Multifamily Income & Growth Holdings offering,” said Matt Leiter, chief financial officer. “Our capital raise and a rapidly expanding selling group are strong indicators that investors are eagerly seeking investments offering attractive current income with upside potential and we believe this property delivers on both fronts.”

Noca Blue is comprised of one six-story building that was built in 2018 and includes 138 studio, one- and two-bedroom apartment units, as well as 8,800 square feet of fully occupied ground-floor commercial space. The property is 300 feet from the nearest Chicago Transit Authority train station.

Property amenities include a rooftop deck with unobstructed views of the city, as well as a fitness center, an indoor co-working space, grilling stations, a bocce court, among others. Unit amenities include granite countertops, stainless steel appliances, and in-unit washers and dryers, while some units have walk-in closets, private terraces and IOTAS smart home technology.

Located in Chicago’s Logan Square neighborhood, the property is within close proximity to numerous dining and entertainment destinations. Notable employers in the surrounding area include Amazon, Eli Lilly, AbbVie and Boston Consulting Group.

“Chicago is well-known as one of the most important financial, industrial and cultural centers of the world, with a growth rate more than double that of the United States,” added Leiter. “This population growth, combined with Logan Square’s high barrier-to-entry, makes this acquisition an extremely compelling community for both residents and investors.”

Trilogy Multifamily Income & Growth Holdings’ $50 million bond offering was qualified by the SEC in February 2021 and invests primarily in existing Class A and Class B multifamily real estate assets located in targeted markets across the U.S. Trilogy Real Estate Group said that it expects to add multiple properties over the coming months.

Trilogy Real Estate Group is a real estate investment and property management firm with a focus on multifamily apartments and commercial real estate. Since 2002, the principals of Trilogy have completed more than $4 billion in transaction volume.

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