Chicago—LEM Capital has funded the $13.3 million acquisition and renovation of Village Park of Palatine, a 448-unit garden-style apartment community. The property was acquired in a joint venture of LEM Capital and a locally based, vertically integrated owner-operator that is focused on multifamily transactions in Chicago, the Midwest and San Antonio.
Located at 860 W. Panorama Drive, the community features a mix of one-, two- and three- bedroom units. The property benefits from convenient access to Palatine’s Metra stop and the region’s most important arterial motorways.
Village Park of Palatine offers amenities such as a fitness center, clubhouse, business center, a volleyball court, a tennis court, swimming pool, spa and 600 parking spaces. According to Yardi Matrix data, the property boasts an occupancy rate of 96.9 percent as of November 2016.
“The acquisition of Village Park of Palatine represented the opportunity to acquire a well-located property and institute a comprehensive value-add renovation program,” Herb Miller, a founding partner at LEM, said in prepared remarks. “LEM’s vertically integrated local operator anticipates upgrading the property and the tenant base, which should help to generate increases in cash flow and value for our investors.”
Image courtesy of Yardi Matrix