Covaci Buys FourNorth Apartments for $25 Million
William Covaci acquired the 76-unit Arlington Heights complex from Benchmark Developers, financed with a $19.2 million loan from Knighthead Funding.
Updated on Nov. 4, 2026 in Commercial
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William Covaci purchased FourNorth Apartments, a five-story, 76-unit complex at 4 North Hickory Road in Arlington Heights, for $25 million from Benchmark Developers. The complex was 95 percent occupied at the time of sale.
Why it matters
The deal reflects investor interest in suburban multifamily properties, which are scarce in Arlington Heights, where FourNorth is one of only two multifamily properties built in the past five years. The transaction comes after Benchmark's development was financed and delivered, and sale reflects the strength of the local rental market.
The complex averages about 796 square feet per unit and was 95 percent occupied at sale. Benchmark bought the site in 2019 for $2.1 million before the $13 million construction loan from Hinsdale Bank & Trust financed development.
The players
William Covaci
William Covaci is an investor whose entity acquired FourNorth Apartments in this transaction.
Benchmark Developers
Benchmark Developers is the development firm that built FourNorth Apartments and sold the complex.
Knighthead Funding
Knighthead Funding is a lender that provided the $19.2 million loan used to finance the purchase.
JLL
JLL is a commercial real estate services firm that worked on the deal on behalf of the seller.
The details
Benchmark Developers sold the property, with JLL working on behalf of the seller, and Illinois property records identify the buyer as an entity operated by Covaci. The purchase was financed with a $19.2 million loan from Knighthead Funding, and FourNorth was delivered in 2024.
Timeline
2019: Benchmark bought the site for $2.1 million.
2024: FourNorth Apartments was delivered.
November 3, 2026: Covaci's purchase of FourNorth was reported.
Market Landscape
FourNorth is one of only two multifamily properties built in suburban Arlington Heights in the past five years, according to the source. Its sale at roughly $329,000 per unit shows how investors are valuing the limited supply of new rental housing in the Chicago suburbs.
For Arlington Heights renters, the sale changes ownership of one of the few newer multifamily buildings in the suburb, though the source does not say whether rents or management will change. Residents of the complex may see new operators after the transaction closes.
The takeaway
Suburban multifamily assets with limited new supply can attract significant investor capital, as the $25 million FourNorth sale shows. Renters and local observers should watch whether ownership changes affect rents and upkeep at the complex.
Further reading
For more on the commercial property market, explore Commercial listings and deals in Arlington Heights.
Source note: This article includes information reported by The Real Deal New York.
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