JLL Capital Markets announced that it has closed the $95 million sale of Woodlands of Crest Hill, a 730-home apartment community located in the southwest Chicago suburb of Crest Hill, Illinois. The Chicago multi-housing market continues to be a top performer in the country due to Chicago’s diversified economy (matching that of the country) and low cost-of-living, as well as its central location and demand drivers attracting educated talent and corporate investment.
The property sits within Will County, which features top-rated schools, Lewis University, 38 million square feet of industrial development and the largest inland container port in the U.S. The community is located off of Theodore Street and is adjacent to Plainfield Road, the main thoroughfare of the southwest suburbs with top retail, grocery and dining. Residents also benefit from immediate access to the well-known I-55 job corridor, which boasts over 99 million square feet of industrial space. Additionally, the property is just 15 minutes to Joliet Mall, Promenade at Bolingbrook and Harrah’s Casino and is 33 miles from downtown Chicago.
“We were once again extraordinarily fortunate to be involved in another transaction that highlights continued interest in Chicago multi-housing opportunities,” said Girard. “The market is the hub of the Midwest and is as healthy as any in the country, with fundamentals and demand drivers that many buyers are attracted to. This includes great rent growth, strong rent-to-income ratios and very limited new supply in the development pipeline.”
JLL represented the sellers, a fund managed by DRA Advisors and Marquette Companies. The JLL Capital Markets Investment Sales Advisory team was led by Managing Directors Kevin Girard and Mark Stern and Director Zach Kaufman.