Illinois Apartment Complex Acquired for Nearly $111M
New York-based TGM acquired TGM Danada, formerly the Crossings at Danada, from Invesco Advisers for a reported $110.5 million. Invesco was believed to have paid $92.6 million for the property in 2014. It is the TGM’s fifth multifamily acquisition in the Chicagoland area.
TGM Danada is comprised of 27 residential buildings on 45 acres in Wheaton, IL. The property is within a few miles of the Interstate 88 East-West Tollway with access to major employers, retail and entertainment. It is 30 miles west of Chicago and near the Wheaton Metra station.
“We are pleased to expand our footprint in Chicagoland with the acquisition of TGM Danada. TGM is particularly attracted to this area because it is a high barrier to entry submarket with unparalleled accessibility to major employers, retailers, nationally ranked schools, key regional suburbs and downtown Chicago,” said TGM’s Zach Goldman.
John Jaeger and Dan Cohen of CBRE brokered the transaction.