DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group, Inc. completed the acquisition of a three-property multifamily portfolio located in Winnetka and Wilmette, two desirable North Shore suburbs of Chicago. The $12 million deal was closed in a joint venture with private equity real estate firm JDI Realty. DMG will rebrand the collection as Trevian Townhomes, in a nod to the award-winning local New Trier school district, and the townhomes will be marketed by DMG Leasing and professionally managed by DMG.
“This townhome acquisition represents our investment philosophy of sourcing well-located properties with strong revenue growth potential, which can be realized through savvy investment in unit improvements, leasing and operations,” said Roger Daniel, President and Co-Founder, DMG Capital. “Trevian Townhomes offer many of the features Chicagoland renters are seeking, which gives us confidence that the investment will deliver strong returns. We are actively seeking other opportunities across the Midwest that fit this profile.”
The Trevian Townhomes portfolio comprises five townhomes at 601-617 Park Avenue in Wilmette, 10 townhomes at 3115-3119 Lake Avenue in Wilmette, and 12 townhomes at 700- 708 and 726-738 Green Bay Road in Winnetka, IL. The average square footage for the apartments is 1,525 square feet. A number of townhomes have been substantially renovated with luxury finished, including kitchens with new Shaker-style cabinetry, glass backsplashes, quartz countertops, new hardwood floors, and designer stainless steel appliances. Additional improvements include upgraded bathrooms with designer tile, carpeted bedrooms, walk-in closets, side-by-side or stackable laundry, and individual HVAC.
The buildings offer residents amenities usually reserved for homeownership including private backyards, multiple storage spaces and finished basements in select units. The properties are located in affluent and attractive suburbs with convenient access to schools, shopping and dining in charming walkable downtowns, and the lakefront. The portfolio also includes thirty garage parking spaces and twenty surface parking
spaces.
