Origin Investments JV Sells Chicagoland Community
The joint venture put the property on the market after five years of ownership.
A joint venture of Draper & Kramer, Origin Investments and LEM Capital has sold a 448-unit property in Palatine, Ill. The buyer was Turner Impact Capital. JLL Capital Markets brokered the sale on behalf of the seller.
Located at 860 W. Panorama Drive, the Clayson, formerly known as Village Park of Palatine, was completed in 1979 and comprises one- to three-bedroom floorplans ranging from 650 to 1,225 square feet, Yardi Matrix data shows.
The community is located halfway between West Dundee Road and West Northwest Highway, both offering access to downtown Chicago. Several parks and forest preserves are available within a 2-mile radius, as well as a good number of dining, retail and entertainment options.
The community underwent a $9 million capital improvement program after the joint venture acquired the asset for more than $48 million in December 2016, according to Yardi Matrix. Improvements included upgrades to the amenities, landscaping and common areas. Around 50 percent of the units were equipped with new appliances, cabinets, countertops and hardware.
Focusing on preserving and enriching affordable housing, Turner Impact Capital plans to further renovate the community, enhancing the property’s sustainability. The renovation plan includes low-flow toilets, Energy Star-certified appliances, LED lighting and HVAC replacements. The company will also provide a mix of community-tailored services, such as afterschool homework help, employment and rental assistance, healthcare access and fitness activities.