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.
