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Suburban Chicago Apartments Sell For $88M
An affiliate of Chicago-based Nuveen, a global investment manager, has purchased an apartment complex in La Grange for nearly $88 million.
Oak Brook-based JVM Realty sold Uptown La Grange, a five-story, 254-unit property at 31 E. Ogden Ave. in the west suburb last month, reported Crain’s. CBRE’s John Jaeger, Justin Puppi and Jason Zyck represented the seller in the transaction. The suburban apartment market is 97.8% occupied. Uptown La Grange features a mix of studio and one-, two- and three-bedroom units.
Located on the corner of LaGrange Road and Ogden Avenue, the property is near shopping and dining options. The site was once home to a YMCA that occupied a space for nearly 60 years. After the YMCA closed down in 2007, the vacant building was demolished and redeveloped into a luxury apartment complex.
