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| The Atworth at Mellody Farm, a 260-unit luxury multifamily community in Vernon Hills, IL |
Vernon Hills, IL (Jan. 2, 2020) — Passco
Companies, a
privately held California-based commercial real estate company that specializes
in acquisition, development, and property and asset management throughout the
U.S., has acquired The Atworth at Mellody Farm, a 260-unit luxury multifamily
community in Vernon Hills, Illinois, from AEW Capital Management, Focus, and Atlantic
Residential.
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| Jake Niles |
The apartment community was developed in 2018 adjacent to Mellody
Farm, an upscale dining and retail center destination within the affluent Lake
County community in Chicago’s northern suburbs.
The Atworth offers unmatched
walkability, high-end amenities, and proximity to numerous major employers,
according to Jake Niles, Director of Acquisitions – West at Passco Companies.
“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,” explains Niles.
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| Peter W. Evans |
In addition to walkability and convenient access to one of the highest
concentrations of Fortune® 500 companies in
the country within Lake County, residents also benefit from convenient commutes
to additional employment opportunities in the heart of Chicago.
“Lake County offers outstanding demographics, an educated
workforce, and exceptional school systems,” states Niles, who notes that the
investment is also bolstered by a limited new development pipeline in the
region.
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| Richard G. Evans |
“The county added more than 20,000 jobs over the last four years, and
is a large hub for employers in the continuously growing technology,
manufacturing, and healthcare industries.”
Peter W. Evans and Richard G. Evans of Moran & Company Midwest represented both parties in the transaction.
Peter W. Evans and Richard G. Evans of Moran & Company Midwest represented both parties in the transaction.
Contacts:
Micaela Fehrenbach / Elisabeth Manville
Micaela Fehrenbach / Elisabeth Manville
Brower Group
(949) 438-6262
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