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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

Passco Adds Luxury Multifamily in Lake County

Passco Companies acquired The Atworth at Mellody Farm, a 260-unit luxury multifamily community in Vernon Hills, IL, from AEW Capital Management, Focus and Atlantic Residential. Although deal terms weren’t disclosed, Crain’s Chicago Business reported a purchase price of $90 million.

The apartment community was developed in 2018 adjacent to Mellody Farm, an upscale dining and retail center destination within this affluent Lake County community, a northern suburb of Chicago.

“The Atworth at Mellody Farm is a strong addition to our portfolio, fulfilling all the criteria we look for when it comes to sourcing top-tier multifamily assets in premium locations positioned for growth,” said Passco’s Jake Niles. “High demand for this community was demonstrated by an unprecedented 10-month lease-up.”

Peter W. Evans and Richard G. Evans of Moran & Company Midwest represented buyer and sellers in the transaction.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition
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