Chicago-based Draper and Kramer, Incorporated has expanded its Chicago-area portfolio with the acquisition of North 680, a recently built, 180-unit luxury rental community in Schaumburg, Illinois. The property was purchased as part of a 1031 exchange following the firm’s sale of Fieldpointe of St. Louis, a 318-unit community in the St. Louis suburb of Maryland Heights, Missouri. The Chicago office of CBRE brokered the sale of North 680.
Located at 680 E. Algonquin Road, North 680 includes 176 residences in four-elevator buildings, as well as four tri-level rental townhomes in two buildings. Amenity offerings at North 680 include a heated resort-style pool with adjacent outdoor kitchen, fenced pet park, state-of-the-art fitness studio and a clubhouse with kitchen, bar and lounge area.
“North 680 presented a unique opportunity to acquire the first luxury residential community built in Schaumburg in the last three decades” said Blas Puzon, senior vice president of acquisitions for Draper and Kramer. “What made this deal extremely attractive from an investment standpoint is that it came at a time when demand for high-end apartments is dramatically outpacing supply in select suburban communities, as proven by the quick lease-up of the property. There is significant economic growth and development underway in Schaumburg, including the planned redevelopment of the 225-acre Motorola campus across the street from North 680, which will only add to the area’s appeal as more people seek out the luxury suburban rental lifestyle that North 680 delivers.”
Completed in 2017, North 680 offers residences ranging from 665 to 1,588 square feet, including one-bedroom/one-bath, one-bedroom plus den/one-bath and two-bedroom/two-bath plans. The four rental townhomes have two bedrooms and 2½ baths. All units feature generously sized open layouts, 9-foot ceilings, oversized walk-in closets and well-appointed kitchens with large islands and granite countertops. Select units have built-in workstations and mudroom hall trees. North 680 also includes 65 attached garages, 85 detached garages and 196 uncovered parking spaces, for a total of almost two spaces per unit.
Draper and Kramer has also taken over management of North 680, adding the community to its portfolio of Chicago-area properties under management. The privately held, full-service real estate firm currently has a portfolio of more than 10,000 rental units across Chicago, St. Louis, San Antonio and Minneapolis, as well as 25,000 condominium residences throughout Chicago. Draper and Kramer plans to maintain the market competitiveness of North 680 by making select renovations to the property as needed over time.
“The Draper and Kramer management team has extensive experience operating high-end buildings throughout Chicagoland,” said Puzon. “As a result, we’re well-positioned to deliver the high-service rental experience that many suburban renters—including some who may be moving to Schaumburg from the city—have come to expect from communities like North 680.”