Passco Spends $90M in Suburban Chicago

KeyBank financed the acquisition of the recently developed luxury community in Vernon Hills, Ill.
The Atworth at Mellody Farm

Focus Development has sold The Atworth at Mellody Farm, a 260-unit Class A community in Chicago’s northern suburbs, for $90.4 million, according to Yardi Matrix. Buyer Passco Cos. financed the buy with a 10-year, $57.2 million Fannie Mae acquisition loan through KeyBank.

The seller had completed work on the luxury property in March, following approximately two years of construction. The community stabilized during the summer, and the asset was 96.9 percent occupied as of December, per data from Yardi Matrix.

The property has a mix of one-, two- and three-bedroom units, with floorplans ranging from 556 to 1,465 square feet. Apartments are equipped with in-unit washers and dryers, granite countertops and hardwood floors. The Atworth’s community amenities include a fitness center, pet spa, swimming pool and game room.

Located at 1111 N. Milwaukee Ave. in Vernon Hills, Ill., the property is at the northeast corner of state routes 21 and 60, some 30 miles outside of downtown Chicago. The community is in the heart of the bustling Townline Road retail corridor, home to the Hawthorn Mall and a wide variety of other shopping and dining options.

Last year, Passco acquired nearly 3,000 units in six states, Yardi Matrix shows. In October, the investor paid more than $40 million for a 220-unit luxury property in Knoxville, Tenn.