JRK Property Holdings has acquired Brook on Janes Apartments, a 288-unit Class-A multifamily community in the Chicago suburb of Bolingbrook, Illinois.
Brook on Janes was acquired by JRK out of its JRK Platform 5 Fund, a $1 Billion multifamily value-add and core plus fund that targets higher-quality, well-located multifamily investments built after 1990.
With this acquisition, the fund’s portfolio is comprised of institutional quality assets with an average year built of 2019 located in Illinois, Florida, Kansas, and California. The Fund also has another two new acquisitions under contract in excess of $100 million that it plans to close on in the next 45 days. To date roughly 20% of the $1 billion fund has been deployed since its closing back in October 2022.
Built by the seller in 2017, the three-story garden-style community is located at 401 Janes Avenue, 30 miles west of Downtown Chicago. Brook on Janes offers a mix of studio, one-, two,- and three-bedroom floorplans, all with quartz countertops, stainless steel appliances, under-mounted sinks, wood flooring, and private balconies or patios. Common area amenities include resort style swimming pool with outdoor cabanas, clubhouse with high-tech fitness club, cookout area, and gated dog park.
The property benefits from numerous demand drivers including its proximity to Naperville, one of Chicago’s most affluent neighborhoods. It is also served by a rich retail base including The Promenade Bolingbrook, an open-air shopping center offering approximately 750,000 square feet of shopping, dining and entertainment options. It is also surrounded by several well-maintained parks and golf courses.
Brook on Janes adds to the firm’s Chicago area portfolio that includes 504-unit Residences at Lakeside in Lombard and the 838-unit The Residences at Arlington Heights in Arlington Heights.
Kevin Girard, Roberto Casas, and Matt Lawton in JLL’s Chicago office represented the seller in the transaction.
The acquisition was leveraged with attractive 10-year fixed-rate Agency financing arranged by Annie Rice and Brandon Smith from JLL’s Los Angeles office.
