JVM Realty acquired a 280-unit apartment community in suburban Oswego from Continental Properties for an undisclosed price.
Springs at Oswego at 801 Fifth St. was originally developed in 2019 and consists of 14 two-story residential buildings. The property has a young, high-income resident base, with an average household income exceeding $138K and 54% of households age 34 or younger, according to a press release.
“This acquisition reflects our continued confidence in suburban Chicago and the durable apartment market supporting the region,” JVM Realty Chief Investment Officer Adam Short said in a statement.
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The acquisition was JVM’s fourth deal with Continental Properties. JVM rebranded the property to Trillium at Oswego.
Cushman & Wakefield's Brad Smith and Jack Maloney represented the seller.
PEOPLE
Bradford Allen hired Nick Placek as executive vice president, development. Placek will oversee the firm’s multifamily, office, hospitality, and mixed-use development and redevelopment projects from acquisition through completion. Placek brings almost three decades of experience to the firm, including at JLL and Baker Tilly.
SALES
Concord Capital acquired the Elaine Place portfolio, which includes nine apartment buildings and 182 units along the 3400 block of North Elaine Place in Lakeview, for $61.5M. Concord is retaining the portfolio as a long-term hold. The portfolio was about 95% occupied at closing, and the site is entitled for up to 306 units. 33 Realty's Sean Connelly brokered the deal.
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SpringView Investments paid about $12.6M for the Hickory Oaks Apartment Complex in Lansing, Illinois. The 138-unit property has in-place rents roughly 25% below market rate. Greenstone Partners' Michael Duckler represented both parties.
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Claremont JV LLC, led by Ron Abrams of Silver Property Group, acquired 6500 N. Claremont Ave. in West Rogers Park for $6M. The 32-unit building, constructed in 1929, traded for about $187K per unit. Interra Realty's Joe Smazal and Mark Dykstra represented the buyer and the seller, a local private investor.
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Celli Investment Holdings made an $895K purchase of a 14K SF industrial building at 125 N. Prospect Ave. in Itasca. Lee and Associates' Dustin Albers and Mike Adams represented the seller, while KW Commercial's Adam Fortino represented Celli.
LEASES
Hand2mind inked a deal to move to a new 698K SF building at 100 S. Milwaukee Ave. in the Vernon Hills Industrial Park. The building will function as the company's primary distribution center. The Missner Group built the property on the site of the former American Hotel Register headquarters.
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An undisclosed tenant signed a 20K SF lease agreement for the industrial building at 1275 Kyle Court in Wauconda. Entre Commercial Realty's Brian Bocci and Jack Steineke represented the landlord, while Cawley Commercial Real Estate represented the tenant.
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Nearby Truck Repair signed a 17K SF lease for an industrial building at 675 Greenleaf Ave. in Elk Grove Village. Entre Commercial Realty's Ian Pattison and GC Realty & Development's Brad Bullington brokered the deal.
FINANCING
Fairview Heights-based developer Kelli Roberts secured a low-income housing tax credit award for Aljunia Springs, a new 28-home affordable housing development in Mount Vernon. Aljunia Springs will include duplexes, quadplexes and townhomes.
