Skip to content
Homepage
  • Market
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Advertise
  • Real Estate Awards
  • Login/Register

Buligo Capital completes sale of Chicago-area apartment communities

October 9, 2019
Share on Facebook Share on Twitter Share on LinkedIn Share via email

JLL closed the $25.7 million sale and $20.56 million financing of Central Park and Governor’s House Apartments, two apartment communities totaling 316 units in south suburban Chicago. JLL marketed the properties on behalf of the seller, a Buligo Capital Partners and Ferndale Realty Group joint venture. Bender Companies purchased Central Park Apartments for $17.4 million and Governor’s House Apartments for $8.3 million.

Additionally, JLL worked on behalf of the buyer to originate the 10-year, fixed-rate acquisition loans of $13.92 million and $6.64 3 million respectively, through Fannie Mae. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.

The portfolio comprises Central Park Apartments, which is located at 11 Fir Street in Park Forest, Illinois and Governor’s House Apartments, which is located at 871 Burnham Drive in University Park, Illinois. Both communities are approximately 30 miles south of downtown Chicago and are convenient to top employers in the I-57-corridor, which houses a high concentration of logistics, technology and manufacturing companies.

In addition, the portfolio has convenient access to downtown Chicago via the local Metra stations as well as two major expressways, Interstate 57 and U.S. 30. The 95-percent-leased Central Park Apartments offers 220 units in one-, two- and three-bedroom layouts averaging 1,150 square feet each. Governor’s House Apartments, which is 97 percent leased, has 96 units available in one- or three-bedroom layouts averaging 888 square feet each.

The deal secured by HFF prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP, a licensed real estate broker. The JLL capital markets team representing the seller was led by senior directors David Gaines and Wick Kirby and directors Mark Barnes and Kevin Girard. Managing director Jason Bond and senior director Trent Niederberger led the team representing the buyer.

Tags
bender companiesbuligo capital partnersferndale realty groupfinanceIllinoisJLLmultifamilyPark ForestUniversity Park
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
IowaIndustrial

Des Moines Industrial buys 31 acres as future home for industrial transloading facility

February 26, 2021
MinnesotaFinanceMultifamily

Colliers Mortgage provides $18.2 million purchase loan for 98-unit apartment complex in Minnesota

February 26, 2021
MinnesotaLegal

MV Ventures names VP and general counsel

February 26, 2021
IllinoisOffice

JLL Capital Markets closes $153 million refinance for downtown Chicago office tower

February 26, 2021

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Advertise
  • Office Locations
© 2021 REjournals.com