Morris Station_Property for Sale
Morris Station_Property for Sale

Morris Station

538 Morris Avenue, Mundelein, IL, 60060, US

Description

Jones Lang LaSalle Americas, Inc. (“JLL”) presents Morris Station, a newly constructed 139-unit luxury apartment community in Mundelein, IL. Built in 2023, the property features spacious 1 and 2-bedroom apartments with an avg unit size of 997 square feet. Each home is thoughtfully designed with modern finishes, open floor plans and ample storage. A majority of the units feature attached garages and private entrances offering tenants enhanced comfort and privacy.


Morris Station is ideally located just a five-minute walk from the Metra Mundelein station, providing convenient access to downtown Chicago. The community is also near major highways, top Lake County employers, and premier shopping and dining, making it attractive to professionals and families. Residents also benefit from highly-rated Mundelein public schools, adding further appeal.


With strong local population growth and limited new rental supply, Morris Station is positioned for sustained demand. In addition, the property benefits from a $2M Tax Increment Financing (TIF) incentive, enhancing its investment profile. This opportunity is offered free and clear of existing debt.


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Attributes

Occupancy
96%
Year built
2023
Building area net
12,874 m²
Number of units
139

Media

Investment Highlights

  1. Unbeatable Investment & Upside
  2. Spacious 1 & 2-bedroom floor plans. 997 avg. sf.
  3. Single-family-style living - private entrances and attached garages
  4. Immediate scale in desirable Lake County
  5. Luxury product at a discount to replacement cost


  1. Stellar Sub-Market
  2. Fantastic schools served by Mundelein Consolidated High School District 120
  3. Strong employment base - surrounded by Fortune 500 companies including AbbVie, Baxter, and CDW
  4. Excellent connectivity via I-94, Route 21, and Route 45
  5. 5.4% population growth since 2020


  1. Fantastic Property Performance
  2. 96% Occupied
  3. Achieving 10.04% growth on new leases and 7.84% on renewals
  4. Significant opportunity to increase NOI with 113 leases turning in next 6 months


  1. Booming Luxury Apartment Market
  2. Limited class A supply pipeline - 1 property under construction within 3 miles
  3. 4.3% 3-year projected average annual rent growth
  4. Residents save ~$1.0k monthly to rent at Morris Station vs homes nearby
Morris Station 4_Property for Sale
Morris Station 4_Property for Sale

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Last updated
3 Mar 2026