Torchlight Investors Acquires Chicago Community for $104M

City View at the Highlands. Image courtesy of JLL Capital Markets

A joint venture including Marquette Cos. has sold City View at the Highlands, a 403-unit value-add asset in Lombard, Ill. The buyer was Torchlight Investors. The property traded for $104.4 million and the previous ownership included Crow Holdings, according to Yardi Matrix data. The buyer secured a $73.5 million Freddie Mac loan for the acquisition of the community completed in 2003, the same data provider shows. JLL Capital Markets represented the seller, while The Hayman Co. will handle leasing and property management.

Located at 2720 S. Highland Ave., in DuPage County, the property is situated next to a park, with several retail options within easy reach including Yorktown Center, University Plaza and the Finley Square shopping center. Interstate 88 and Interstate 355 are close to the community, connecting it to surrounding suburbs and the larger metropolitan area.

The luxury asset is a mid-rise apartment building on 5 acres, comprising one-, two- and three-bedroom apartments averaging 902 square feet and featuring quartz countertops, stainless steel appliances, washers and dryers and patios. Recently renovated common-area amenities include a pool, outdoor grilling area, two outdoor lounge spaces with fire pits, a fitness center, a community kitchen, a tech and business center and a conference room.

Senior Director Kevin Girard, Senior Managing Director Marty O’Connell and Executive Managing Director Matthew Lawton of JLL Capital Markets worked on behalf of the seller.

Girard mentioned, in a prepared statement, that City View at the Highlands is located in a dynamic suburban location, JLL continuing to close transaction in Chicago suburbs. The latest string includes the $86 million sale of Oak Brook Heights in Westmont, Ill, a 408-unit garden-style asset, in the last quarter of 2021.