O’Hare-area complex sold for $167M in year’s priciest apartment deal

May 13, 2026 - 22:34

A massive apartment complex near O'Hare International Airport has changed hands in what is being called the most expensive multifamily transaction in the Chicago area so far this year. Chicago-based R.I.G. Capital paid $167 million to acquire the Pavilion Apartments, a sprawling 1,115-unit property located just minutes from the airport.

The seller was Brookfield Asset Management, a global investment firm that had owned the complex for several years. The deal closed late last month, according to public records and sources familiar with the transaction. The Pavilion Apartments sit on a large site near the intersection of Mannheim Road and Higgins Road, a corridor that has seen steady demand from both airport employees and business travelers.

Industry observers say the sale signals continued investor confidence in the suburban Chicago rental market, despite rising interest rates and broader economic uncertainty. The price per unit worked out to roughly $150,000, which is considered strong for a property of this size and location. The complex offers a mix of studio, one-bedroom, and two-bedroom units, along with amenities like a fitness center, pool, and on-site parking.

R.I.G. Capital has been active in the Chicago market for years, focusing on value-add acquisitions in the suburbs. The firm plans to make upgrades to the property's common areas and unit interiors over the next several years. Brookfield had owned the complex since 2016 and had invested in renovations during its ownership period.

Real estate experts say the deal could set a benchmark for other large apartment sales in the region this year. The O'Hare area has long been a draw for investors due to its proximity to the airport, major highways, and employment centers.