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| The Communities of Ascot Glen, Willowbrook, IL |
CHICAGO, IL – HFF announced today that it has closed the
sale of and arranged financing for The Communities of Ascot Glen, a two-property
multi-housing community totaling 712 units in Willowbrook, Illinois.
HFF marketed the properties on behalf of the seller, an
institutional owner. TGM Associates
purchased the offering for $101 million.
In addition, HFF also secured a $75 million 10-year, 3.745 percent
fixed-rate loan through M&T Realty Capital Corporation (FNMA). Proceeds were used to acquire the property.
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| Matthew Lawton |
The HFF investment sales team representing the seller was
led by executive managing director Matthew Lawton, managing directors Marty
O’Connell and Sean Fogarty and associate director Wickliffe Kirby.
TGM
Willowbrook Apartments, formerly known as The Communities of Ascot Glen, is
located at 6060 Laurel Lane on Highway 83, 20 miles southwest from downtown
Chicago.
This 95 percent
occupied property consists of a total of 712 units spread across 76 two-story
buildings. Some of the apartments were
partially renovated in 2010, and the community features one- and two-bedroom
floor plans averaging 847 square feet each.
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| Marty O'Connell |
Community amenities
include two spacious fitness centers, two clubhouses , three outdoor swimming
pools, three tennis courts, sand volleyball court, game room, business center
and dog walking trails. For additional information please visit www.tgmwillowbrook.com.
HFF’s debt placement team representing the buyer was led by
managing director Matthew Schoenfeldt and senior real estate analyst Jason
Bond.
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| Sean Fogarty |
Founded in 1991, TGM is an investment advisory firm with a
focus on multifamily properties. The
firm acquires, manages and sells apartment properties throughout the United
States. Since its inception, TGM has
invested in more than $1.8 billion in 117 multifamily residential properties
throughout 28 states.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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