Marquette Cos., DRA Advisors Buy Chicago-Area Asset
The joint venture acquired the 558-unit community in Westmont, Ill. The seller was Long Wharf Capital LLC.
A joint venture acquired a 558-unit residential community in Westmont, Ill., from Long Wharf Capital LLC. Marquette Companies and DRA Advisors LLC purchased Westmont Village Apartments, a 31-building asset in the Chicago metro area.
Built in 1974, the community offers a mix of one-, two- and three-bedroom units with an average of 1,100 square feet. Situated on 29 acres at 6713 Lake Shore Drive, the property offers access to surrounding DuPage County cities and the Chicago metropolitan area via interstates, 255, 88, 294 and 55.
Resident amenities include a clubhouse, fitness center, swimming pool, dog park and picnic area with grilling stations. An HFF investment advisory team of Kevin Girard, Marty O’Connell, Sean Fogarty and Wick Kirby represented the seller.
Recently, the same HFF team represented LaSalle Investment Management and Mocer+Roszak in the partnership’s $121 million acquisition of a Chicago high-rise community from Pacific Reach Properties.
“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, in prepared remarks.
Image courtesy of HFF