Archstone Capital Acquires 235-Unit Homewood Manor in Moline, Illinois

CHICAGO, IL, June 20, 2025 — Archstone Capital, a vertically integrated multifamily investment firm, today announced its acquisition of Homewood Manor, a 235-unit garden-style apartment community located in Moline, Illinois. The transaction was completed in partnership with a Midwest-based life insurance company.

This acquisition marks Archstone’s ninth investment in the Quad Cities region and underscores the firm’s continued expansion throughout the Midwest. Archstone Residential, the firm’s in-house property management division, will oversee daily operations, while Archstone Construction will lead all renovation efforts.

“We’re excited to add Homewood Manor to the Archstone portfolio and deepen our presence in the Quad Cities,” said Chris Salazar, CEO of Archstone Capital. “This is a rare opportunity to acquire a legacy asset with incredible bones in a submarket where we’ve demonstrated strong performance. We look forward to executing our business plan and delivering long-term value for residents and investors.”

Originally developed in 1968 and still owned by the original family, Homewood Manor has been meticulously maintained and boasts some of the largest floorplans in the Moline market. The 15-acre community features an expansive amenity package including adult and children’s heated swimming pools, hot tub, clubhouse, fitness center, sauna, library, tennis courts, and more.

Archstone plans to implement a comprehensive value-add business plan focused on modernizing unit interiors, improving operational efficiency, and enhancing overall resident experience.

Brad Jenner, Vice President of Investments at Archstone, added: “Homewood Manor represents everything we look for in a value-add opportunity—strong in-place fundamentals, untapped operational upside, and a durable location with high-quality housing demand. With our integrated platform, we’re confident in our ability to reposition this asset and drive meaningful returns.”