A Texas-based investor just wrote a nine-figure check for a slice of suburban Orland Park, paying $102 million for Orland Ridge, a 294-unit build-to-rent townhome community completed in 2023. The deal, disclosed in industry reporting on March 19, 2026, ranks as one of the larger single-asset build-to-rent trades in the Midwest.
Deal Details and the Buyer
According to CoStar News, Texas-based RPM Living is the buyer behind the nine-figure purchase of Orland Ridge. CoStar reported that the community is among the Midwest’s largest build-to-rent properties and that the transaction closed in mid-March.
Inside Orland Ridge
Orland Ridge Towns & Villas offers a mix of townhome-style and ranch-style rental units at 16966 Pond Willow Dr in Orland Park. The Real Deal reported that the development wrapped construction in 2023, was about 97 percent occupied during a previous marketing effort, and was being shopped with advertised rents in the roughly $2,600 to $3,600 range.
Why Buyers Are Shelling Out
Industry data shows the Midwest, and Chicago in particular, is logging relatively strong rent growth in recent periods, which keeps institutional buyers circling suburban build-to-rent product. Yardi Matrix and other trade reports have cited Chicago among the markets posting above-average rent gains even as national growth cooled, a trend that helps support demand for stabilized assets like Orland Ridge.
Who Runs the Place Now
RPM Living already lists Orland Ridge among its Chicago-area properties on the company website, a sign that the buyer plans to operate the community directly rather than hand it off to a third party. RPM Living has been growing its national footprint, and a company update on new offices and market expansion was distributed through Business Wire.
What It Means in Orland Park
The sale price clocks in well above the Cook County assessor's valuation that was referenced during the earlier marketing process, a spread that underscores how institutional buyers are baking long-term rent growth into their models for suburban stock. The Real Deal noted a roughly $41 million assessment in 2024, a gap that market watchers say highlights the premium investors are willing to pay for stabilized, well-located build-to-rent communities like Orland Ridge.
