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CHICAGO, IL – January 10, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Westmont Village Apartments, a 558-unit, garden-style apartment community in Westmont, Illinois.
The HFF team marketed the property on behalf of the seller, Long Wharf Capital LLC, and procured the buyer, a joint venture between a fund managed by DRA Advisors LLC and Marquette Companies. HFF previously arranged financing for the property in 2016.
Westmont Village Apartments consists of 31 residential buildings comprising 558 units averaging 1,100 square feet each. Situated on 29 acres at 6713 Lake Shore Drive, the community offers access to surrounding DuPage County cities and the Chicago metropolitan area via Interstate 355 to the west, Interstate 88 to the north, Interstate 294 to the east and Interstate 55 to the south. The property offers a variety of one-, two- and three-bedroom floor plans with different levels of amenities. Long Wharf recently completed unit renovations and constructed a new resident clubhouse with a fitness center and outdoor swimming pool, a dog park and picnic areas with grilling stations.
The HFF investment advisory team representing the seller included director Kevin Girard, managing directors Marty O’Connell and Sean Fogarty and senior director Wick Kirby.
“We are pleased with the outcome of this well-located property, from the physical improvements to the simplification of the previously fractured ownership structure, all of which made the asset appealing to an institutional buyer like DRA Advisors,” said Steve Varney, a director at Long Wharf Capital.
Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to announce the acquisition of the 328-unit Lake Cameron Apartments, located in Raleigh, North Carolina.
Built in 1988, the community is currently 95% occupied and offers one, two, and three-bedroom apartment homes ranging from $848-$1,249 per month. The newly-acquired property is expected to receive upgrades to unit interiors in connection with the investment, and community enhancements across the common area amenities including the clubhouse, pool area and fitness center, community playground, grilling pavilion and dog park.
Fogelman acquired Lake Cameron Apartments through a joint venture with New York-based DRA Advisors. Since 2003, the Fogelman-DRA partnership has acquired 26 multifamily communities totaling more than 8,800 apartment homes, with an aggregate value of more than $780 million.
“We are thrilled to further expand our longstanding partnership with DRA and add this high-quality asset to our local Raleigh portfolio,” says Rick Fogelman, CEO of Fogelman Properties. “As active investors and seasoned property managers with 30+ years’ experience in the local market and more than 4,000 apartment homes in our DRA partnership, we look forward to continued growth across the Raleigh-Durham region and within our long-standing relationship with DRA Advisors.”