JVM Realty Acquires Chicagoland Luxury Community
Completed in 2019, the asset comprises 113 units.
JVM Realty Corp. has acquired Ellison Apartments, a 113-unit luxury multifamily asset in Des Plaines, Ill. The property was last owned by The Opus Group, according to Yardi Matrix data. In 2021, the community became subject to a $25 million loan from CrossHarbor Capital Partners Insurance Co. The deal was brokered by CBRE.
Completed in 2019, the community encompasses studio, one- and two-bedroom floorplans, ranging from 575 to 1,262 square feet. Apartments feature 9-foot ceilings, in-unit washers and dryers, as well as private balconies or patios. Common-area amenities include a swimming pool, spa, 24-hour fitness center, pet spa and work pods.
Located at 1555 Ellinwood Ave., Ellison Apartments is close to Interstate 294 and roughly 20 miles from Chicago. It is also adjacent to the Des Plaines train station, as well as some 6 miles from the O’Hare International Airport. Within walking distance of the property there are multiple parks and green spaces.
JVM Realty Corp. currently operates a $1.6 billion portfolio throughout midwestern states. Ellison Apartments is the company’s ninth property in Illinois. Earlier this year, the firm acquired another Chicago-area asset comprising 149 units in the suburb of Wheaton.
Year-to-date through July, multifamily investments in Chicago totaled $1.3 billion, representing a 38.2 percent drop in volume since the same period last year, according to a recent Yardi Matrix report. However, the average price per unit increased by 11.6 percent over 12 months, reaching $208,239 and 12.6 percent above the national figure.