HP Ventures Group Pays $21M for Chicago Community
- Jun 18, 2021
Monroe Residential Partners has sold 101 West, a 64-unit community in Barrington, Ill., in the northwest suburb of Chicago. HP Ventures Group LLC paid $20.8 million for the luxury asset. JLL Capital Markets represented the seller in the transaction.
Located at 101 W. Liberty St. in Lake County, the property comprises 62,818 square feet of rentable space. The community features a mix of one- and two-bedroom rental units averaging 982 square feet, with master suites, walk-in closets, stainless steel appliances and quartz kitchen countertops.
Completed in 2018, 101 West encompasses a community room with kitchen lounge, rooftop terrace with grilling areas, a 24-hour fitness center, a pet grooming and washing station, as well as a heated indoor garage parking.
With a 92 percent occupancy rate, the property is situated within 10 minutes from Barrington’s train station and a 45-minute drive from downtown Chicago. The location of 101 West also allows residents to access more than 650,000 jobs within the neighboring areas.
The property is subject to a $14 million bridge loan that Lakeside Bank originated last year. With no proposed or under construction multifamily developments within a 5-mile range, there is no foreseeable market competition in the area.
JLL Capital’s team included Senior Managing Director Marty O’Connell, Senior Director David Gaines and Director Kyle Butler.
Heightened market activity
The brokerage firm helped closed multiple deals in the Florida, Colorado and Texas markets in the second quarter of 2021.
At the beginning of June, JLL secured a $42.8 million acquisition loan on the behalf of Asia Capital Real Estate. The financing, provided by CIT Group, served for the acquisition of Lola Apartments in Riverview, Fla. Just a few days later, the company worked for Etkin Johnson Real Estate Partners to secure a $61 million refinancing for FalconView Apartments in Colorado Springs, Colo. The arrangement with Larkspur Capital for Qualified Opportunity Zone financing took place shortly after.
Chicago springs back
According to JLL’s latest Multi-Housing Outlook, the Chicago market showed signs of recovery in the first quarter of 2021, following the pandemic-generated slowdown. As the nation’s most diverse large economy, the metro’s multifamily market is expected to bounce back at a fast pace. Companies including Google and Kimberly-Clark have already announced plans to bring hundreds of new jobs to the metro in the near future, creating additional demand for housing.