Multifamily N Illinois

Wheeling rental property sells off-market for $54 million

Wheeling rental property sells off-market for 54 Million,ph1

33 Realty’s Sean Connelly represented Naperville, Illinois-based Marquette Companies in the off-market acquisition of Foxboro Apartments, a 402-unit complex located at 470 Foxboro Drive in Wheeling, Illinois. The seller, Partnership Concepts, unloaded the property for $54.25 million.

“This was an excellent opportunity for our client to expand its Chicago-area portfolio with housing that caters to the many corporations based in the area,” said Connelly.

Built in two phases in the late 1970s, Foxboro is a five-building apartment complex offering one- and two-bedroom apartments with various floor plans for rent. All apartments feature newer appliances, breakfast bars, central heat and air conditioning, as well as high-speed internet service. Tenants have access to a free coffee bar and resident lounge, a business center, a resort-style swimming pool with sun deck, a park-like picnic area with grills for barbecuing, a sand volleyball court and a three-acre lake with water fountain.

Tara Mathew, a Chicago-based independent broker, assisted Connelly with the transaction. Foxboro’s location puts it in the center of the Chicago’s suburban corporate headquarters hub where companies such as Allstate, Abbott and Astellas are located.

“There is not a lot of product in the market so properties like this that are well-located and well-maintained move quickly even without a full marketing process,” said Connelly. “We continue to see a healthy appetite for rental product in Chicago with continued demand coming from both local and out-of-town investors.”