Multifamily N Illinois

HFF announces sale of 558-unit apartment property in Westmont, Illinois

HFF announces sale of 558-unit apartment property in Westmont, Illinois,ph1

Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of Westmont Village Apartments, a 558-unit, garden-style apartment community in Westmont, Illinois. The HFF team marketed the property on behalf of the seller, Long Wharf Capital LLC, and procured the buyer, a joint venture between a fund managed by DRA Advisors LLC and Marquette Companies. Terms of the deal were not disclosed.

Westmont Village Apartments consists of 31 residential buildings comprising 558 units averaging 1,100 square feet each. Situated on 29 acres at 6713 Lake Shore Drive, the community offers access to surrounding DuPage County cities and the Chicago metropolitan area via Interstate 355 to the west, Interstate 88 to the north, Interstate 294 to the east and Interstate 55 to the south.

“We are pleased with the outcome of this well-located property, from the physical improvements to the simplification of the previously fractured ownership structure, all of which made the asset appealing to an institutional buyer like DRA Advisors,” said Steve Varney, a director at Long Wharf Capital.

The property offers a variety of one-, two- and three-bedroom floor plans with different levels of amenities. Long Wharf recently completed unit renovations and constructed a new resident clubhouse with a fitness center and outdoor swimming pool, a dog park and picnic areas with grilling stations.

HFF previously arranged financing for the property in 2016. The HFF investment advisory team representing the seller included director Kevin Girard, managing directors Marty O’Connell and Sean Fogarty and senior director Wick Kirby.