TGM Expands Chicago-Area Holdings
- Nov 17, 2017
TGM has acquired a 600-unit garden-style community, formerly known as Crossings at Danada, in Wheaton, Ill., a western suburb of Chicago. The buyer has renamed the property TGM Danada.
The property, completed in 1991, is comprised of 27 residential buildings on a 45-acre site. TGM Danada offers one-, two- and three-bedroom apartments. Going forward, it will be managed by TGM’s property management company, TGM Communities.
Common amenities include two heated swimming pools, a clubhouse, several fitness centers, an outdoor kitchen with adjoining fire pit and lounge, dog park and an indoor pet spa. Residents also have full access to a tennis court, sand volleyball court and business center.
TGM will upgrade the fitness centers and pool decks with new equipment and resort-style furniture. The buyer will also complete the renovation of all unit interiors with new kitchen cabinets, countertops, appliances, lighting and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen.
The seller was Invesco Advisers Inc., and the property was formerly managed by Lincoln Property Co. John Jaeger and Dan Cohen, who are executive vice presidents at CBRE, brokered the deal.
“TGM is particularly attracted to this area because it is a high- barrier-to-entry submarket,” said Zach Goldman, managing principal and director of operations for TGM. The company is no stranger to the metro Chicago market. TGM also owns TGM Park Meadows (Schaumburg), TGM Willowbrook (Willowbrook), TGM Springbrook (Aurora) and TGM McDowell (Naperville).