The Flats - Illinois State University
709 South Main Street, Normal, IL, 61761, US
155 units
Asset description
Jones Lang LaSalle Americas (Illinois), L.P. (JLL) is pleased to present Central Park (the “Property”), a 220-home garden-style community located in Park Forest, Illinois. This 98% leased community offers 1-3 bedroom garden-style and townhome-style layouts with a large average unit size of 1,150 SF.
The Property is located in Park Forest, a stable working-class suburb of Chicago with over 2,000 acres of parks, recreation facilities, and open land. Residents of the property enjoy easy access to top suburban and downtown emplpyers via the local Metra stations as well as the I-57 and US 30. Central Park provides investors with an exceptional opportunity to acquire a high-quality asset in a growing submarket with significant value-add upside.
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Attributes
Year built
1946
Units
220
Building area net
23,506 sm
Occupancy
98%
Media
Investment highlights
Attractive Investment Fundamentals
- 77% Resident Retention TTM
- 98% Occupancy
- 18% Effective Rent Growth Since 2021
- 100% Value-Add Upside Through Renos
- Available Below Replacement Cost
Exceptional Suburban Location
- Stable Working-Class Neighborhood
- Close Proximity to Highways US 30 and I-57
- Easy Access to Top Suburban and Downtown Employers
- Abundant Recreation Options | Hiking, Golfing, Entertainment, Shopping & More
Favorable Submarket Forecast
- 95% Projected 5-Yr Occupancy
- 4% Projected 5-Yr Rent CAGR
- Zero Properties Under Construction within 7.5-Mile Radius
- <0.5% Projected 5-Yr Inventory Growth (<300 Units Delivered)
In-Demand Community Features
- Townhome Units | Large Avg Size - 1,150 SF
- Direct Access Private Entrances
- Additional Usable Basement Space
- Expansive Lush Grounds & Open Space
- On-Site Leasing & Management Office
Contact brokers
Central Park Apartments (0 Properties)
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Last updated
Oct 8, 2024
