JVM Realty Acquires Property in Chicago Suburb
Fiduciary Real Estate Development was the previous owner of the firm’s latest Midwest acquisition, which is 45 minutes from downtown Chicago.
JVM Realty Corp. has expanded its multifamily portfolio in suburban Chicago with the acquisition of a recently built community in Romeoville, Ill. JVM acquired Seasons at Romeoville from Fiduciary Real Estate Development Inc. for an undisclosed price. The seller was represented by JLL’s Wick Kirby, Amanda Friant and Kevin Girard.
Fiduciary Real Estate Development completed Seasons at Romeoville in 2021. The 240-unit community offers one-, two- and three-bedroom floorplans ranging from 716 to 1,671 square feet. The developer built the units with private direct entry and full-size washers and dryers, while most units also have an attached garage and a private patio or balcony. The community’s amenities include a fitness center, a clubhouse with kitchen, a pool with sundeck, an outdoor living room with grilling stations, a fireplace, a dog park and a pet washing area. According to JVM, the community is more than 94 percent occupied.
Located at 501 S. Weber Road in Romeoville, the community is approximately 45 minutes southwest of downtown Chicago. Residents will have nearby access to interstates 55 and 80, which connect to the area’s major employers such as Amazon, Wayfair, FedEx, WeatherTech and Lewis University. JVM is planning to rebrand the community into The Bluffs and make enhancements to the dog park.
Making investments in the Midwest
Steve Bersell, COO of Fiduciary Real Estate Development, said in prepared remarks that the firm chose to sell Seasons at Romeoville since it previously sold one of its Wisconsin communities to JVM. JVM acquired The Bevy, a 175-unit community in Brown Deer, Wisc., from Fiduciary in August.
JVM’s portfolio now includes seven apartment communities in Illinois, including the 115-unit Maple & Main, which was acquired in December 2019. Across the Midwest, JVM has 22 communities in its portfolio totaling $1.6 billion of assets under management. The firm will continue to expand its Midwest portfolio with a focus on communities that were built after 2000, have at least 150 units and are located in Kansas City, Indianapolis, Milwaukee or suburban Chicago.