5 Chicago-Area Value-Add Apartment Properties for Sale: Due 9/13

Wednesday, September 6, 2017

Holliday Fenoglio Fowler, L.P. (HFF) is marketing for sale a five-property multifamily housing portfolio comprising 2,407 well-appointed apartment homes in three top suburban Chicago submarkets: DuPage, Cook and Will Counties. These suburban infill communities benefit from easy access to top employment corridors as well as to downtown Chicago via nearby expressways and Metra train lines. HFF will accept bids on the entire portfolio, in groups/pools or individually through Wednesday, September 13. 

Each property is professionally landscaped with attached and/or detached covered parking, and all offer outstanding access to nearby recreation and shopping, including two fortress malls, Woodfield Mall and Oakbrook Center, and a top-performing regional center, Yorktown Center. Property amenities include clubhouses, community buildings, swimming pools, fitness centers, business centers, sports courts and playground areas. Interested investors have an opportunity to enhance returns by expanding existing renovation programs (60 percent of the units are currently not renovated) and expanding community amenities.

All properties, which are outlined below, are located within 40 miles of downtown Chicago.

  • The Apartments at Woodfield Crossing, 700 Arbor Drive, Rolling Meadows, contains 662 units located in the Northwest suburban office submarket, the largest employment center outside of downtown Chicago, which represents 26.5 percent of the total Chicago suburban office market.
  • Parkway Commons, 545 Gunderson Drive (384 units), and Preserve at Carol Stream, 535 East Thornhill Drive (285 units), are adjacent to one another in Carol Stream in the Glen Ellyn submarket, which is projected to sustain annualized effective rent growth of 3.6 percent over the next three years and has no new projects currently under construction.
  • Eagle Creek Apartments, 1128 S Williams Street, Westmont, contains 346 units and is in the Downers Grove submarket of DuPage County, where occupancy is projected to be 95.5 percent over the next three years and, currently, only one project is under construction. The property boasts a new clubhouse and is within the boundaries of the highly rated Downers Grove South High School. Additionally, the property is walking distance to a new Mariano’s grocery store.
  • The Woodlands of Crest Hill Apartments, 1615 Arbor Lane, Crest Hill (730 units), is located in the Joliet submarket, which has averaged 4.8 percent rent growth over the last three years. Future growth is projected to be 3.7 percent on average through 2020 and has only one project under construction. The property also benefits from proximity to top industrial employment facilities for Caterpillar, Exxon and Amazon's multiple Will County locations, including the recently announced 440,000-square-foot facility in Crest Hill. 

For more information on these Chicago-area multi-housing properties for sale, please contact Wickliffe Kirby, Kevin Girard, Marty O’Connell or Sean Fogarty. Offers on this outstanding opportunity are due by 5:00 p.m. CDT on Wednesday, September 13. Please email your offer to Kirby and Girard.

For information on financing this acquisition, please contact Jason Bond. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

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