TGM Buys Two-Property M-F Community in Chicago Area for $101M
- Mar 11, 2013
TGM Associates, a New York-based multi-family investor, has purchased TGM Willowbrook, a two and three-story garden property, totaling 712 units in 76 buildings, located in Willowbrook, Ill., for $101 million.
“We are very excited to bring TGM Willowbrook into our multi-family portfolio,” John Gochberg, TGM Associates’ COO, said in a prepared statement. “TGM Willowbrook will complement other TGM Communities in Illinois, offering even more premium apartment living options in the area.”
The property was previously known as The Communities of Ascot Glen, which was owned by RREEF and managed by Lincoln Property Management. HFF marketed the properties on behalf of the seller. HFF also secured a $75 million 10-year, 3.745 percent fixed-rate loan through M&T Realty Capital Corporation.
Located at 6060 Laurel Lane on Highway 83, TGM Willowbrook consists of one- and two-bedroom floor plans averaging 847 square feet each. Units feature oversized balconies, patios and generous closets in each apartment. Select apartments feature authentic, wood-burning fireplaces. A number of the apartments were partially renovated in 2010.
Community amenities include two fitness centers, two clubhouses, three outdoor swimming pools, three tennis courts, a sand volleyball court, game room, business center and dog walking trails. There’s also an abundance of parking space.
Situated in DuPage County, the property sits just 20 miles southwest of downtown Chicago, conveniently located near all major highways. It’s also less than a half hour from O’Hare International Airport. The community offers convenient access to public transportation via Metra Station for easy commuting into Chicago or other parts of the region.
TGM Willowbrook was 95 percent occupied at the time of the sale.
TGM Associates also has two additional properties in the area having purchased TGM Springbrook in Aurora last December and TGM Park Meadows in Schaumburg last April.
The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton, managing directors Marty O’Connell and Sean Fogarty, and associate director Wickliffe Kirby.