The Parker Fulton Market
US - Chicago, Americas
227 units
Asset Description
Jones Lang LaSalle Americas (Illinois), L.P. (JLL) is pleased to present Arrive Town Center, a luxury 85-home mid-rise apartment building located in Chicago’s elite northern suburb, Vernon Hills. Built in 2010, the property boasts spacious units ranging from one-bedroom to three-bedrooms with a large average unit size of 1,200 SF. This dynamic mixed-use property also includes 10,000 SF of highly desirable ground floor retail. The property offers an investor the opportunity to modernize interiors via a value-add renovation program.
Arrive Town Center is perfectly situated just 35 miles north of Chicago, providing easy access to downtown employers and amenities. The property is within close proximity to commuter rails, award-winning schools, and a plethora of Fortune 500 employers. The property is within steps of retail and restaurants, providing residents with incredible convenience. This incredible investment opportunity is available free and clear or via assuming the favorable existing loan (4.59% fixed rate, I/O until 2/1/2025, 1/1/2029 loan maturity).
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Attributes
Number of units
85 units
Occupancy
99%
Year built
2010
Media
Investment Highlights
Prime Location with Exceptional North Shore Address
• Located in the #1 Ranking School District in the state (District #125) including Stevenson High School (ranking in the top 1% nationally)
• Surrounded by an array of prominent Fortune 500 companies, including AbbVie, Baxter, and CDW
• Conveniently situated near Prairie View Metra and I-294 allowing for easy access to both Chicago and O’Hare Int. Airport
• Positioned adjacent to Vernon Hills Town Center, which includes Starbucks and a variety of restaurants
Unmatched Investment Opportunity
• 100% value-add upside in units with room to push rents
• Value-add upside through additional amenity updates
• Attractive assumable debt with 4.59% Interest Rate
• 10,000 SF of convenient on-site retail with $30 PSF average rents
• Stable Lake County Taxes
Strong Lake County Submarket
• 4% 5-year projected avg. annual rent growth
• 96% 5-year projected avg. occupancy
• Zero properties under construction within 3-mile radius
• Only one property >50 units built since 2020 within a 3-mile radius — property is achieving $2.76/SF asking rents
Desirable Property Features
• 10% rent growth and stable 95% occupancy over last two years
• Recently constructed community amenities including resident lounge and fitness center
• 14% Resident Rent-to-Income Ratio provides runway for future rent growth
• Spacious floor plans of ~1,200 SF appealing to all renter types from young professionals to empty nesters
Contact brokers
Arrive Town Center (0 Properties)
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Last updated
14 Mar 2024
