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.
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. “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.
“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.”
According to Niles, Passco’s ability to secure a luxury property in one of Chicago’s strongest markets was a rare opportunity that was executed seamlessly due to the team’s prior relationships with the seller.
“The Passco team worked with AEW Capital Management in 2017 when we acquired The Parker in Alexandria, Virginia from the firm. Based on the success of that transaction, all parties were eager to come together again to negotiate this win-win acquisition,” Niles continues.
Peter W. Evans and Richard G. Evans of Moran & Company Midwest represented both parties in the transaction.
The Atworth’s 7-acre site is divided into several community common areas to create a resort-style feel. These include: The Conservatory, a two-story lounge with complimentary coffee, Wi-Fi, a computer and printer, two televisions, and a large fireplace; The Courtyard, which features a large swimming pool and sundeck with grilling stations, cabanas, hammocks and a fire pit; The Game Loft, equipped with billiards, shuffle board, table tennis, foosball, and two large televisions; and The Tasting Room with seating arrangements for casual or formal events and high-end appliances.
Additional community features include a bike room, pet grooming stations, indoor parking garage, and luxury fitness studio with state-of-the-art cardio machines, and a yoga room.
The community offers 16 studio, 137 one-bedroom, 61 two-bedroom, 20 two-bedroom plus den, and 26 three-bedroom units ranging in size from 556 to 1,465 square feet.
Unit features include washer and dryers, quartz countertops, tile backsplashes, stainless steel appliances, roller shades, luxury vinyl plank flooring in two different color combinations, and spacious walk in closets.
The Atworth at Mellody Farm, currently at 97 percent occupancy, is located near the prominent intersection of Route 21 and Route 60 at 1111 N. Milwaukee Avenue in Vernon Hills.