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Panton Mill Station apartments 355 North La Fox Street South Elgin IL

South Elgin Deal is Submarket’s Largest in 20 Years

Interra Realty brokered the $24.5-million sale of Panton Mill Station, a new 100-unit luxury rental community at 355 N. La Fox St. in South Elgin, IL on the Fox River about 40 miles northwest of Chicago. It’s the largest apartment transaction in the South Elgin submarket in more than 20 years.  

Principals Jon Morgan and David Goss represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed the building in spring 2020. Interra ran a competitive bid process and received multiple offers. The winner, MTA South Elgin, was represented by Interra managing partner Patrick Kennelly and director Paul Waterloo.   

“We have seen a continued uptick in suburban investment activity driven by the strong performance of these assets – especially newly constructed rental communities – during the pandemic,” said Morgan. “Demand for single-family suburban homes got a lot of attention this year, but many households still prefer the flexibility of renting.” 


Inside The Story

Interra Realty

About Paul Bubny

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 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