Waypoint Acquires Asset Near Chicago
KIG CRE arranged the sale of Two Itasca Place, a 70-unit property located in Itasca, Ill. The asset is one of Waypoint’s first acquisitions in the Midwest.
By Roxana Baiceanu
Waypoint Residential has acquired Two Itasca Place, a 70-unit luxury community in suburban Chicago from Marquette Cos. KIG CRE arranged the transaction.
Although the closing price remained undisclosed, Todd Stofflet, managing partner at KIG CRE, said in a prepared statement that his team negotiated “the highest price-per-door” among all multifamily transactions closed this year in DuPage County.
“This deal shows the strength of the suburbs and growing Baby Boomer renter profile,” said Susan Tjarksen, KIG CRE’s principal & managing broker, in prepared remarks.
In addition to Tjarksen and Stofflet, the broker team included Senior Director Jason Stevens. They led the negotiations on behalf of Marquette.
Stepping foot into the Midwest
Two Itasca Place is located at 2 Itasca Road, less than 30 miles northwest of downtown Chicago, and features one- and two-bedroom units averaging 1,700 square feet in size. Apartments are equipped with stainless steel appliances, granite countertops, oversized soaking tubs, private master baths and wood cabinetry.
Common area amenities include concierge services, free Wi-Fi in the lobby, a gazebo, bike room and heated underground parking. The average rent is $2,100, according to Yardi Matrix.
The property was converted from office to multifamily use in 2012 and was 93 percent occupied in October. Residents can reach downtown Chicago in approximately one hour via Interstate 290, which is just minutes away.
Two Itasca Place represents one of Waypoint’s first multifamily purchases in the Midwest. The company plans to grow its portfolio in the area, having recently expanded its Chicago acquisitions team.
Image courtesy of KIG CRE