JVM Realty Snags 6th Chicago Community
- Dec 18, 2019
JVM Realty Corp. has added to its Chicagoland portfolio by snapping up a new, 115-unit luxury apartment community in Downers Grove, Ill. The property, Maple & Main, was completed last year by High Street Residential, a unit of Trammell Crow Co.
JVM, which operates a $950 million multifamily portfolio in the Midwest region of the U.S., will manage the community through its JVM Management arm. The six-story building sits on a 2.6-acre site at 1010 Maple Ave., abutting Main Street. The walkable community is located in central Downers Grove, a suburban village with nearly 49,000 residents, roughly 20 miles west of Chicago.
The property was acquired through a co-investment by JVM Realty Apartment Fund 7 and JVM Multi-Family Premier Fund III, which are expected to close by the end of the year after raising a combined total of more than $115 million. The pair of funds are currently co-invested in a total of five apartment communities in Missouri and Illinois including Maple & Main.
JVM did not disclose the price of the latest deal, but the total acquisition cost of the five properties was $291.4 million, according to an announcement. The company now owns and operates six communities in suburban Chicago.
Jay Madary, JVM’s president & CEO, noted to Multi-Housing News that the Windy City suburbs hold the same appeal to the company as its other Midwestern markets. “We believe supply and demand in this market will remain in equilibrium for the long haul, and that means our communities there should experience strong operating fundamentals and steady rent growth,” he said.
“As for Downers Grove specifically, it offers the walkable, transit-oriented lifestyle sought by many of today’s suburban apartment residents, and it offers easy access to Chicago itself,” Madary added.
Restaurant coming soon
High Street Residential broke ground on Maple & Main in April 2017 after purchasing the site the previous year. The project features studios and one-, two- and three-bedroom units, with 9-foot ceilings, smart home technology, large walk-in closets and private patios and balconies. Select homes boast 14-foot ceilings.
Community amenities include a fitness center, yoga room, rooftop sky lounge and terrace, clubroom with kitchen, work-from-home stations, pet spa and heated pool with sun deck. A new chef-driven restaurant called The Foxtail will open on the ground floor in January, generating income for the property.
The community is located two blocks south of the Downers Grove Metra Station, which provides service to Chicago’s Union Station in as little as 36 minutes the BNSF green line. Interstates 355 and 88 are also accessible.
JVM’s Fund 7 and Premier Fund III are also co-invested in The Landing at Briarcliff in Kansas City, Mo.; Summit Ridge Apartments in Lee’s Summit, Mo.; Randall Highlands in North Aurora, Ill.; and Uptown La Grange in La Grange, Ill.