Chicago-Based TLC Management Pays $100M for Vernon Hills Apartments
TLC Management, a Chicago-based company that exclusively owns and operates each of its rental communities, has purchased a Vernon Hills apartment complex for $100 million, marking the biggest suburban multifamily trade so far this year.
Investor Stuart Handler’s Chicago-based company acquired The Mil’Ton, a 294-unit, three-building property at 1155 Museum Boulevard, from financial Mesirow, reported Crain’s. Mesirow purchased the apartments in 2018 for $87.1 million, and listed the property for sale earlier this year with CBRE’s John Jaeger, Justin Puppi, Jason Zyck, Jillian Jaeger and Tricia Carolan.
Built in 2004, the seven-story complex was 94 percent occupied at the time of the sale. The firm rebranded the complex to The Majestic Luxury Apartments after upgrading amenities and a series of renovations. The property offers one-, two- and three-bedroom apartment homes and features a gym, tennis court, steam room, sauna, swimming pool, spa treatments, hot tub, cinema room and communal gardens.
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Other News
CBRE Arranges Sale of Future Mixed-Use Development in Wisconsin
CBRE announced the sale of a 4.66-acre parcel at the northwest corner of County Highway MM and U.S. Highway 14 in Fitchburg, Wisconsin. Louisville, Kentucky-based Trilogy Real Estate Fitchburg LLC purchased the property from Fairchild Development LLC for $2.23 million, marking the company’s third location in the Madison market and expanding its footprint beyond its...
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Northmarq Arranges $96M Refi on SoCal Apartment Portfolio
Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Los Angeles and San Bernardino Counties. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by managing director Nathan Prouty, SVP Andrew Slaton Aand senior investment anaylst...
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Brighton Multifamily Draws Record Pool of Potential Buyers
Marcus & Millichap closed the sale of 15 Euston Rd., a 24-unit multifamily property in Boston’s Brighton neighborhood. The asset sold for $8,875,000. “Brighton is one of the lowest transactional submarkets in the country for apartment buildings, so it was no surprise that a record number of groups toured this asset,” said Evan Griffith, senior...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout