JVM Realty Buys Lisle Apartments For $67M
The suburban multifamily sales market is heating up as the Chicago area continues its slide toward winter. The latest deal is in Lisle, where JVM Realty acquired a newer apartment complex, Crain's Chicago Business reports.
JVM paid $67M for Avant at the Arboretum, a 310-unit apartment complex, from a joint venture of Opus Development and TA Realty. This is Oak Brook-based JVM's third suburban acquisition and part of a strategy to acquire up to 5,000 units across the Midwest. JVM's Jay Madary said Avant benefits from easy access to Interstates 88 and 355, and new development in the area is limited as investors seek value-add opportunities.
This second half of 2017 has seen a flurry of suburban apartment complexes change hands. Interest is especially brisk in the west and north suburbs. Goldman Sachs Asset Management Private Real Estate bought Preserve at Cantera, a 343-unit townhome community in Warrenville, for $74.3M in September. Lowe Enterprises acquired the Reserve at Glenview, a 239-unit suburban transit-oriented development, for $80.5M in August.
