Holliday Fenoglio Fowler, L.P. (HFF) represented the seller—a joint venture between Draper and Kramer and Edge Principal Advisors LLC—in the sale of Wheaton Center in the west Chicago suburb of Wheaton, Illinois. FPA Multifamily, LLC acquired the 758-unit, multi-building apartment property free and clear of existing financing.
Wheaton Center consists of six elevator-served residential buildings, including two 20-story towers and four low- and mid-rise buildings, with units averaging 927 square feet and three levels of finish packages. Community amenities include a resort-style pool with luxury cabanas, grilling area, state-of-the-art fitness center, community room, conference room, catering kitchen, pet spa, bark park, playground, tennis courts and access to the Illinois Prairie Path.
Most recently renovated in 2017, the property is located at 1 Wheaton Center across from the Wheaton Metra station, which offers access via express train into the Chicago CBD. In addition, the property is a short commute from six Fortune 1000 companies and other top employers along the Interstate 88 Research Corridor. Wheaton Center’s centralized downtown location provides immediate access to multiple boutique retail, dining and entertainment venues along the city’s treelined streets.
The HFF investment advisory team included managing directors Marty O’Connell and Sean Fogarty, senior director Wick Kirby and director Kevin Girard.