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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.
CHICAGO, IL – December 17, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $27.5 million in financing for Valley Lo Tower II, a 112-unit, mid-rise multi-housing community in the northern Chicago suburb of Glenview, Illinois.
The HFF team worked on behalf of The Marquette Companies and LEM Capital to secure the five-year, fixed-rate loan through Allstate Investments. Loan proceeds were used to acquire and substantially upgrade the boutique property.
Valley Lo Tower II features large, family-friendly units, which average nearly 1,800 square feet, with amenities similar to single-family homes. Located near Lehigh and Chestnut Avenues in the affluent Glenview community, the property combines a quiet residential setting with access to highly ranked public schools and walkability to The Glen Town Center. Valley Lo offers a mix of 29 one-bedroom, 30 two-bedroom and 53 three-bedroom floor plans along with abundant parking in a heated garage. Unit amenities include in-unit washers and dryers, large walk-in closets and spacious private balconies. Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court. Marquette’s renovation dedicates a significant portion of the budget toward making these amenities the finest in the submarket.
The HFF debt placement team representing the borrowers consisted of managing director Matthew Schoenfeldt.
“This property represents a unique opportunity to reposition a marquee asset in one of Chicago’s North Shore suburbs,” Schoenfeldt said. “To longtime residents of the submarket, Marquette & LEM’s revitalization of Valley Lo is an absolute no-brainer. Even if a land parcel could be secured in a similarly compelling location, the cost to construct a building of this quality inclusive of underground parking would be prohibitive. The partnership truly has a diamond in the rough.”