A joint venture comprising Marquette Cos. sold City View at the Highlands, a 403-unit value-added asset in Lombard, Illinois. The buyer was Torchlight investors. The property traded for $104.4 million and previous ownership included Crow Holdings, according to Yardi Matrix data. The buyer secured a $73.5 million Freddie Mac loan for the community acquisition completed in 2003, the same data provider says. JLL Capital Markets represented the seller, while The Hayman Company. will take care of the rental and property management.
Located at 2720 S. Highland Ave., DuPage County, the property is located next to a park, with several nearby businesses including Yorktown Center, University Plaza, and Finley Square Mall. Interstate 88 and Interstate 355 are close to the community, connecting it to surrounding suburbs and the greater metropolitan area.
The luxury asset is a mid-rise apartment building on 5 acres, featuring one-, two-, and three-bedroom apartments averaging 902 sq. stainless steel, washers and dryers and patios. Recently renovated common facilities include a swimming pool, outdoor grilling area, two outdoor lounge areas with fire pits, fitness center, community kitchen, technical and business center, and conference room.
Senior Managing Director Kevin Girard, Senior Managing Director Marty O’Connell and Executive Managing Director Matthew Lawton of JLL Capital Markets worked on behalf of the seller.
Girard mentioned, in a prepared statement, that City View at the Highlands is located in a vibrant suburb, with JLL continuing to complete the transaction in suburban Chicago. The latest string includes the $86 million sale of Oak Brook Heights in Westmont, Illinois, a 408-unit garden-style asset, in the last quarter of 2021.