Passco Cos. Expands into Greater Chicago Market

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.

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. 

Peter W. Evans

“High demand for this community was demonstrated by an unprecedented 10-month lease-up. Residents benefit from exceptional walkability to various destinations, including Whole Foods and other popular retail options, as well as frequent Metra rail services.”

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.

Richard G. Evans

 “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.

 “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.

Contacts:

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 438-6262

mfehrenbach@brower-group.com

www.moranandco.com.