Largest deal to ever trade in suburban Chicago illustrates continued investor interest in Midwest apartments
JLL Capital Markets completed the sale of the 1,155-unit Ellyn Crossing located in DuPage County in Illinois
CHICAGO, Feb. 8, 2022 – JLL Capital Markets announced that it has closed the sale of Ellyn Crossing, a 1,155-unit, garden-style workforce housing apartment community located in Glendale Heights, Illinois, marking the largest deal to ever trade in a Chicago suburb.
JLL represented the seller, Rockwell Property Co., in facilitating the sale to Turner Impact Capital, a leading real estate investment firm dedicated to social impact.
Spanning 31 buildings across 45 acres, Ellyn Crossing currently consists of 678 unrenovated homes, 80 partially renovated homes and 397 renovated homes. Unrenovated units feature laminate countertops, white appliances and light brown cabinets, and renovated homes offer laminate countertops with varying finishes, wood-style plank flooring, designer tile backsplash, ceiling fans and black appliances. Community amenities include a fitness center, resident clubhouse, resort-style swimming pool, laundry rooms, park, a tennis court and business center.
Located at 440 Gregory Ave., the location of the community allows residents to have easy access to top employers, offering convenient drive-times to both the Golden Corridor in Schaumburg and the Industrial Superhighway along I-88. The community offers connectivity to Chicago as well, with proximity to two Metra stations within five miles. The property is also just 11 miles northeast of the Elk Grove Village Business Park, the largest industrial park in the U.S., and proximate to eight award-winning hospitals. Additionally, Ellyn Crossing provides easy accessibility to highways, including I-355, I-290, I-88 and the Chicago Loop, and is close to both DuPage Airport and O’Hare International Airport.
The JLL Capital Markets Sales and Advisory team was led by Senior Director Kevin Girard and Senior Managing Director Marty O’Connell.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Rockwell Property Co.
Rockwell Property Co. is a real estate investment, management and development company, founded in 2009. The company is vertically integrated and self-performs asset management, property management, leasing and construction. Rockwell has acquired in excess of 4,000 residential units across 46 projects in the Chicago and Phoenix metropolitan areas. The company focuses on long-term growth and capital appreciation while providing consistent cash flow to investors. These objectives are achieved by improving existing, underperforming multi-family properties in communities with strong demographics and highly diversified, robust economies.
About Turner Impact Capital
Turner Impact Capital is the nation's largest private equity real estate firm exclusively dedicated to social impact. Based in Santa Monica, California, the firm focuses on creating sustainable solutions for many of today's most daunting societal problems by developing and investing in community-enriching infrastructure in densely populated, underserved communities. The firm seeks to generate superior risk-adjusted financial returns by investing in markets with large supply/demand mismatches of core community infrastructure (i.e., workforce housing, public schools and community-serving healthcare facilities) and a lack of institutional capital. Turner Impact Capital seeks profits with a purpose. Learn more at turnerimpact.com or @turnerimpact on Twitter.