Lowe Enterprises Investors Pays $97M for Bourbon Square Apartments in Palatine, Chicago
- Dec 03, 2014
Lowe Enterprises Investors, an affiliate of Los Angeles-based Lowe Enterprises recently announced the purchase of the 612-unit Bourbon Square apartment community in suburban Chicago, in partnership with an investment client. The seller, a joint venture between Arcapita and Marquette Companies was represented by Moran & Co., according to a news release. Crain’s Chicago Business reports that the property located at 500 East Constitution Drive in Palatine was sold to Lowe for roughly $97 million.
The 41.5-acre Bourbon Square apartment community features one-, two-, and three-bedroom apartments with balconies, parking space, and fireplaces. The garden-style community also offers residents a fitness center, indoor pool, tennis courts, theater room, a lakefront clubhouse, as well as two lakes and roughly 1,100 trees. According to a news release, each residential unit will be upgraded to feature new countertops, stainless steel appliances and new kitchen and bathroom cabinetry.
“Bourbon Square is a substantial apartment community with a park-like setting well-located near the area’s abundant retail, dining and entertainment options in one of the most attractive suburban Chicago markets,” says Brad Howe, co-CEO of Lowe Enterprises Investors. “With an average unit size of over 1,300 square feet, the property offers both luxury and value unique to the market.”
Located at the intersection of Lake Cook Road and Hicks Road in the northwest suburban Chicago community of Palatine, Bourbon Square offers easy access to downtown Chicago and the O’Hare International Airport through its Palatine and Arlington Park Metra train stations. The property is also conveniently situated close to Deer Park Town Center.
“Only one new apartment community has been built in the County in the past 25 years,” says Andy Sands, senior vice president of Lowe Enterprises Investors. “We will improve the property by investing in substantial unit renovations and upgrades to common areas, elevating Bourbon Square to a premier residential option.”
Image courtesy of Bourbon Square Apartments
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