TGM Associates Makes 6th Chicagoland Buy
- Sep 20, 2018
TGM Associates continues to expand its footprint in Chicagoland’s multifamily market. One year after buying Crossings at Danada in Wheaton, Ill., the company added NorthShore 770 in Northbrook to its portfolio, renaming it into TGM NorthShore. The transaction marks the company’s sixth multifamily acquisition in the area.
The 347-unit luxury community is located at 770 Skokie Blvd., approximately 20 miles from downtown Chicago. According to real estate data provider Yardi Matrix, Crossroads Partners delivered it in 2016 using a $68.5 million construction loan from Associated Bank. The original ownership included Morningside Group, which subsequently left the deal.
A desirable community
Occupancy at TGM NorthShore reached 85 percent in August 2018, showing that the property’s mix of convenient location and high-end features is something Chicago residents look for. The amenities include:
- concierge services
- virtual-reality golf simulator
- two landscaped courtyards
- heated pool with outdoor grills
- community room with billiards table
- private dining room
- dog park
- heated parking garage with electric vehicle charging stations
- media center
- athletic club
- business center
- conference room
Apartments feature one- and two-bedroom floorplans and can be rented at an average of $2,300. Unit size ranges from approximately 650 to 1,350 square feet while ceiling height surpasses 10 feet.
The community can be accessed via Interstate 94 and the Braeside Metra station, which is a few miles away. Its North Shore location provides residents with proximity to the North Suburban and O’Hare office markets—home to Medline, Barilla, Walgreens, Siemens and several other corporations—as well as more than 100,000 square feet of retail amenities.
TGM owns five other multifamily properties in the Chicago metro area located in the Schaumburg, Willowbrook, Aurora, Naperville and Wheaton suburbs.
Image courtesy of Yardi Matrix