Investcorp has sold Oak Brook Heights in Westmont, Ill., for $85.5 million. The buyer was FPA Multifamily. JLL Capital Markets worked on behalf of the seller.
Berkadia Commercial Mortgage provided $46.8 million in Freddie Mac acquisition financing to facilitate the deal. The loan is scheduled to mature in 2031, Yardi Matrix data shows.
Completed in 1971, the property last traded in mid-2017, when Friedkin Realty Group sold it for $75.5 million, based on information from the same data provider.
As recovery in Chicago continues at a steady pace, investment sales have also improved since last year. Investors have largely been focusing on RBN assets, according to a recent metro report from Yardi Matrix. Between January and July 2021, multifamily transactions increased by 11.5 percent, equal to $1.4 billion, the same report shows.
Features and amenities
The 408-unit Oak Brook Heights encompasses one-bedroom apartments averaging 760 square feet, and two- and three-bedroom townhomes ranging between 1,072 and 1,460 square feet, according to the same data provider. All units include balconies or patios, washers and dryers and walk-in closets. Amenities comprise a pool, a soccer field, a grill and picnic area and a fitness center.
The garden-style community, located at 201 W. Oakley Drive, is just 1 mile away from Ogden Avenue. Several parks are within a 6-mile radius. The property’s access to Chicago’s airports and suburban area amenities are accessible through interstates 294, 88 and 355. Oak Brook Center, an outdoor mall exceeding 2 million square feet, is some 3 miles northeast. Yorktown Center is 4 miles northwest.
Senior Managing Director Marty O’Connell led the JLL Capital Markets Investment Sales Advisory team that represented the seller. He worked alongside Senior Director Kevin Girard, Senior Managing Director Matt Kafka and Executive Managing Director Matthew Lawton.