$95M Multifamily Sale Demonstrates Chicago Market Strength

JLL Capital Markets closed the $95-million sale of Woodlands of Crest Hill, a 730-home apartment community located in the southwest Chicago suburb of Crest Hill, IL. A JLL team led by managing directors Kevin Girard and Mark Stern and director Zach Kaufman represented the sellers, a fund managed by DRA Advisors and Marquette Companies. 

Built in 1972, the property has undergone various renovations since 2018 with opportunities for future value-add upgrades. Woodlands of Crest Hill offers studio, one- and two-bedroom units, averaging 649 square feet and featuring updated finishes, vinyl plank flooring and ample storage. Community amenities include a resort-style pool, a sundeck, a modern clubroom and a fitness center.

“We were once again extraordinarily fortunate to be involved in another transaction that highlights continued interest in Chicago multi-housing opportunities,” said Girard. “The market is the hub of the Midwest and is as healthy as any in the country, with fundamentals and demand drivers that many buyers are attracted to. This includes great rent growth, strong rent-to-income ratios and very limited new supply in the development pipeline.”