33 Realty’s Sean Connelly represented Naperville, IL-based Marquette Companies in the off-market acquisition of the 402-unit Foxboro Apartments in Wheeling, IL. The seller was Partnership Concepts, which sold it to Marquette 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 units with various floorplans for rent.
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,” added Connelly.
Tara Mathew, a Chicago-based independent broker, assisted Connelly with the transaction.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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