Investor Pays $25M for Arlington Heights Complex
Renters and investors in Arlington Heights should watch for ownership changes at the 76-unit FourNorth Apartments.
Updated on Nov. 4, 2026 in Commercial
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William Covaci acquired FourNorth Apartments, a five-story, 76-unit complex at 4 North Hickory Road in Arlington Heights, from Benchmark Developers for $25 million. The property was 95 percent occupied at the time of sale, and the buyer financed the deal with a $19.2 million loan from Knighthead Funding.
Why it matters
For Arlington Heights renters, a sale of this size signals investor confidence in the suburban rental market, where new multifamily supply has been limited. Investor interest appears tied to the thin development pipeline, which can shape rent levels and the availability of new apartments in the area over time.
The 76-unit complex sold for $25 million, about $329,000 per unit, while the seller had paid $2.1 million for the site in 2019. The buyer financed the purchase with a $19.2 million loan from Knighthead Funding.
The players
William Covaci
Investor who acquired FourNorth Apartments through an entity he operates.
Benchmark Developers
Developer that built FourNorth Apartments and sold it after delivery in 2024.
Knighthead Funding
Lender that provided the $19.2 million loan used to finance the purchase.
Hinsdale Bank & Trust
Lender that provided the $13 million construction loan for the development.
JLL
Commercial real estate services firm that represented the seller in the deal.
The details
Benchmark Developers financed construction of the five-story building with a $13 million loan from Hinsdale Bank & Trust, and the complex was delivered in 2024. JLL represented the seller in the transaction. Illinois property records identify the buyer and purchase price, which is how the sale details became public. The average unit at FourNorth measures about 796 square feet.
Timeline
2019: Benchmark Developers bought the site for $2.1 million.
2024: FourNorth Apartments was delivered.
November 3, 2026: Covaci's purchase of FourNorth was reported.
The Home Front
Arlington Heights has seen only two multifamily properties built in the past five years, so FourNorth's sale stands out against a sparse construction record. The deal shows investors targeting the suburban Chicago rental market where new supply has been scarce.
If you rent in Arlington Heights, watch for any changes in lease terms or renewal notices as new ownership takes over the building. Homeowners and renters alike can track future multifamily sales through Illinois property records to see how the local rental stock is changing.
The takeaway
A single 76-unit sale can signal where investors see value in a suburb's rental market, so it is worth noting when new ownership takes over. Keep your lease and any notices from management on file in case terms change after the transfer.
Further reading
For more on how commercial deals like this fit into the local market, browse the Commercial section.
Source note: This article includes information reported by The Real Deal New York.
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