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| Wheaton Center Apartments, Wheaton, IL |
CHICAGO, IL –– Holliday
Fenoglio Fowler, L.P. (HFF) announces the sale of Wheaton Center, a
758-unit, multi-building apartment property in the west Chicago suburb of
Wheaton, Illinois.
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| Marty O'Connell |
The HFF team represented the
seller, a joint venture between Draper and Kramer, Incorporated and Edge
Principal Advisors LLC, in the sale of the property to the buyer, FPA
Multifamily, LLC. The property was purchased free and clear of existing
financing.
Wheaton Center consists of six
elevator-served residential buildings, including two 20-story towers and four
low- and mid-rise buildings, with units averaging 927 square feet and three
levels of finish packages.
Community amenities include a resort-style pool with luxury
cabanas, grilling area, state-of-the-art fitness center, community room,
conference room, catering kitchen, pet spa, bark park, playground, tennis
courts and access to the Illinois Prairie Path.
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| Sean Fogarty |
Most recently
renovated in 2017, the property is located at 1 Wheaton Center across from the
Wheaton Metra station, which offers access via express train into the Chicago
CBD.
In addition, the property is a short commute from six
Fortune 1000 companies and other top employers along the Interstate 88 Research
Corridor.
Wheaton Center’s centralized downtown location provides
immediate access to multiple boutique retail, dining and entertainment venues
along the city’s treelined streets.
The HFF investment advisory team
included managing directors Marty O’Connell and Sean Fogarty,
senior director Wick Kirby and director Kevin Girard.
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| Wick Kirby |
Draper and Kramer, Incorporated is a vertically integrated property and
financial services company that has a long history of the successful creation,
enhancement and management of first-class real estate.
Headquartered in
Chicago, Illinois, the company is led by President and Chief Executive Officer,
Forrest D. Bailey, great-grandson of founder Adolph Kramer.
The primary services offered include: management of multi-family residential
(rental and condominium) and commercial properties (office, industrial and
retail), arranging debt and equity financing for commercial property,
residential mortgage banking, and acquisitions and development.
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| Forrest D. Bailey |
Founded in 1985, FPA has owned over 104,000 apartment units valued at over $11 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VI, which will acquire approximately $1.8 billion of assets, and its core plus focused FPA Core Plus Fund IV, which will acquire approximately $1.4 billion of assets.
Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Minneapolis, Dallas and Atlanta. For more information, please visit http://www.fpamf.com/.
CONTACTS:
MARTY O’CONNELL
IL Lic. #475.099044
HFF Managing Director
(312) 528-3650
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
