TGM Buys Third Metro Chicago Multifamily Property
- Mar 12, 2013
Willowbrook, Ill.—TGM Associates has acquired the Communities of Ascot Glen, a multifamily complex in Willowbrook, Ill., a western suburb of Chicago, for $101 million. The seller was RREEF, which was represented in the deal by HFF.
The New York-based TGM is changing the name of the property to TGM Willowbrook Apartments. The property includes 712 units spread across 76 two-story buildings on Illinois 83, a major thoroughfare through DuPage County west of Chicago.
Some of the apartments were partially renovated in 2010, and the property features one- and two-bedroom floor plans averaging 847 square feet each. Amenities include two fitness centers, two clubhouses, three outdoor swimming pools, three tennis courts, a sand volleyball court, game room and business center, along with dog-walking trails.
HFF also secured a $75 million 10-year, 3.745 percent fixed-rate loan through M&T Realty Capital Corp. on behalf of the buyer. Proceeds were used to acquire the property, which is currently 95 percent occupied.
TGM is no stranger to the market, nor to renaming properties that it acquires. The investor also has two other properties in metro Chicago: TGM Springbrook in Aurora, which it bought last December, and TGM Park Meadows in Schaumburg, which it bought last April.