The Marquette Cos. has received $56.5 million in financing to acquire Willow Crossing, a 579-unit apartment community in the northwest Chicago suburb of Elk Grove Village, Ill.
HFF facilitated the deal and worked on behalf of the buyer to secure a five-year, floating-rate loan with Wells Fargo. The proceeds were applied to acquisition costs and includes a future-funding component that Marquette Cos. will utilize to revitalize the well-located asset.
“Lenders recognized Willow Crossing as a genuine diamond in the rough,” Matthew Schoenfeldt, HFF’s managing director, said. “This factor, combined with Marquette’s masterful value-creation strategy, allowed us to generate multiple aggressive loan proposals.”
Located at 1031 Charlela Lane, Willow Crossing is comprised of 14 buildings in a park-like setting. Once renovated, units will feature kitchens with new countertops, stainless steel appliances, walk-in closets, hardwood-style floors and private patios or balconies.
Community amenities include two heated swimming pools, a grilling area, volleyball court, bark park, two playgrounds, a fitness center, clubhouse and under-unit garage parking.
A popular suburb, Elk Grove Village is known for its top-notch public schools, substantial recreational facilities and close proximity to major employment hubs. The transit-oriented property is also about three miles from the Itasca Metra station, which offers commuters access to the entire Chicagoland region.
In May, HFF brokered the sale of Village Park at Alpharetta, a 127-unit luxury senior housing community located on the northern outskirts of Atlanta.
Marquette currently has more than $1 billion of apartments and mixed-use properties in its investment portfolio, which is comprised of more than 11,200 apartments under management.