enhancements, refurbishing the pool and upgrading the outdoor living space, including adding an outdoor kitchen, converting the tennis courts to bocce ball and adding a dog park.

“The complex originally was developed in 1977, and then renovated in 1997 with a new ownership group,” said Derrick Hawthorne, vice president of asset management and acquisitions for Draper and Kramer. “Because any types of improvements have been limited and maintenance has been deferred, we believe existing residents and the rental community will see a significant difference in Village Park of Palatine almost immediately.”

This represents the second time in a little more than 15 months that Origin and a partner have acquired a suburban Chicago apartment complex. In September 2015, the Chicago-based real estate private equity firm formed a joint venture and acquired the Iroquois Club, a 264-unit apartment complex in Naperville, for approximately $38 million. Since the acquisition, Origin has completed 70 percent of the extensive unit renovation program and increased occupancy of the complex from 76 to 90 percent.

Founded in 2007, Origin Investments is a real estate investment firm that acquires office and multifamily properties in eight fast-growing markets: Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Houston and Raleigh, with offices in Chicago, Charlotte, Dallas and Denver. Origin has more than $600 million dollars in assets under management.

The firm also offers its investment opportunities to accredited investors at origininvestments.com.

Founded in 1893, Draper and Kramer Inc., is family-owned and one of the largest privately held full-service real estate firms in the U.S. Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s expertise spans residential and commercial property management and leasing; debt and equity financing for commercial properties; residential and commercial acquisition and development; and residential mortgage services through Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of investors in real estate across the U.S. including corporations; private and institutional owners and users of real estate; government agencies; condominium associations; and foundations.

LEM Capital is a value-add multifamily investor which sponsors private equity funds targeting consistent current cash flow, equity upside and downside protection for our investors. A sector specialist with deep multifamily experience, the firm’s investments include over 35,000 multifamily units across the US since the firm’s founding in 2002. LEM targets investments between $5 million to $15 million in joint ventures with experienced local operators that have vertically integrated organizations skilled at renovating, repositioning and managing properties.