San Francisco-based FPA Multifamily has quietly bought a 378-unit apartment complex in Wheeling, shelling out $51 million for the property at 850 Corey Lane. The complex, long operated by the Manda family and locally branded as VIP Apartments, is being folded into FPA’s ReNew portfolio and has been reintroduced as ReNew Lake Arlington. Seller Mark Manda confirmed the deal as he heads into retirement, though what that means for near-term renovations or rent changes is still an open question.
Suburban fundamentals keep investors circling
Chicago’s suburban rental market has tightened as new construction trails demand, and that imbalance is nudging institutional buyers toward existing garden-style properties in the collar suburbs. With above-average occupancy and steady rent gains, the numbers favor investors willing to invest in 1970s-era complexes that can be refreshed to command higher rents, according to Berkadia.
The purchase price, the financing, and the long-time owner
Public records show FPA paid $51 million for the 378-unit property at 850 Corey Lane, and the seller was an entity tied to the Manda family, according to The Real Deal. The complex, built in 1972, had been carrying relatively light debt. A Mark Manda-led entity took out a $15 million Freddie Mac-backed loan originated by CBRE in 2021, filings show. FPA did not immediately respond to requests for comment.
What tenants are seeing on the ground
The property is already showing up on rental sites under the ReNew Lake Arlington name, and the listing lists FPA Multifamily as the manager, according to Homes.com. Current postings feature renovated units and one-bedroom starting rents in the low to mid $1,600s, which points to a strategy of modest upgrades rather than a top-to-bottom overhaul. For now, residents can expect on-site management to remain in place while FPA weighs its longer-term capital plans for the complex.
How Wheeling fits into FPA’s playbook
The Wheeling buy comes on the heels of several big FPA moves around Chicagoland and highlights ongoing institutional interest in dense suburban properties. The Real Deal reported that the firm recently closed a major Streeterville tower purchase and has been active in the suburbs as well. Local brokers say buyers are gravitating toward properties that offer reliable cash flow with added upside from light renovations, which helps explain why a 1970s-era former VIP Apartments complex in Wheeling is drawing attention from a San Francisco owner with a growing ReNew portfolio.
