CHICAGO – JLL announced today that it has closed the $25.7 million sale and $20.56 million financing of Central Park and Governor’s House Apartments, two apartment communities totaling 316 units in South Suburban Chicago, Illinois.

JLL marketed the properties on behalf of the seller, a joint venture between Buligo Capital Partners and Ferndale Realty Group. Bender Companies purchased Central Park Apartments for $17.4 million and Governor’s House Apartments for $8.3 million. Additionally, JLL worked on behalf of the buyer to originate the 10-year, fixed-rate acquisition loans of $13.92 million and $6.643 million respectively, through Fannie Mae. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

The portfolio comprises Central Park Apartments, which is located at 11 Fir Street in Park Forest and Governor’s House Apartments, which is located at 871 Burnham Drive in University Park. Both communities are approximately 30 miles south of Downtown Chicago and are convenient to top employers in the I-57-corridor, which houses a high concentration of logistics, technology and manufacturing companies. In addition, the portfolio has convenient access to Downtown Chicago via the local Metra stations as well as two major expressways, Interstate 57 and U.S. 30. The 95%-leased Central Park Apartments offers 220 units in one-, two- and three-bedroom layouts averaging 1,150 square feet each. Governor’s House Apartments, which is 97% leased, has 96 units available in one- or three-bedroom layouts averaging 888 square feet each.   

The JLL Capital Markets team representing the seller was led by Senior Directors David Gaines and Wick Kirby and Directors Mark Barnes and Kevin Girard. 

JLL’s Capital Markets team representing the buyer was led by Managing Director Jason Bond and Senior Director Trent Niederberger.

CHICAGO, IL – October 11, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and acquisition financing for Stone Crossing Apartments, a 258-unit apartment community in the Chicago suburb of Aurora, Illinois.

The HFF team marketed the property exclusively on behalf of the seller, a partnership between Graycliff Capital Partners, LLC, Buligo Capital Partners and The Ferndale Realty Group, and procured the buyer, Cunat Inc.  Additionally, HFF worked on behalf of the new owner to secure a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC, which currently manages over $12 billion of assets under management.

Stone Crossing Apartments is located at 1240 Nantucket Road approximately two miles south of Interstate 88 and three miles from downtown Aurora.  The property’s location offers accessibility to suburban Chicago’s major employment corridors, as well as leading regional healthcare providers and multiple retail and entertainment amenities.  Stone Crossing consists of three two-story townhome buildings comprising three-bedroom units averaging more than 1,200 square feet each and two three-story apartment buildings comprising a mix of one- and two-bedroom apartment units averaging more than 760 square feet.

Cunat Inc. acquired Stone Crossing as a value-add opportunity with plans to completely upgrade, renovate and re-brand the community under the new name, Arbor West.  Cunat Inc. will renovate unit interiors, demolish the current community buildings, and build a new leasing office, clubhouse and indoor pool.  The parking lot and landscaping will also be rehabbed, which will reposition the property into a new class of apartments in Aurora.  Home and property amenities currently include white kitchen cabinetry with brushed nickel hardware, tile backsplashes in the kitchen and an outdoor picnic area with grills.  The community was 97 percent occupied at closing.

The HFF investment advisory team representing the seller included senior director David Gaines and senior managing director Sean Fogarty.

HFF’s debt placement team representing the borrower included senior directors Trent Niederberger and Jason Bond.