HP Ventures Group-Development Services LLC acquired East Village Apartments in Downers Grove, IL for $7.1 million. Kiser Group’s Ron Plonis represented both the seller, Forth Group Real Estate, and buyer.
“HP’s properties offer relatively large units in Chicago’s outlying neighborhoods and suburbs, features that have become more important than ever for tenants who work from home,” said Steve Cook, HP’s managing partner. “We think that the Chicago area offers excellent investment opportunities as we grow our portfolio of properties.”
Located at 717 Rogers St. and 5001 Prospect Ave, the 20-unit, three-story building was newly constructed in 2018. Floor plans include 18 two-bedroom/two-bathroom units and two one-bedroom/one-bathroom units.
“Downers Grove’s multifamily market also saw increased occupancy, and rents through 2020 after,” said Plonis. “Chicago’s suburbs have definitely weathered if not thrived during the pandemic with collections higher in most properties than in similar products throughout the city.”
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).