Morris Station_Pand te koop
Morris Station_Pand te koop

Morris Station

538 Morris Avenue, Mundelein, IL, 60060, US

Beschrijving

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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Kenmerken

Bezettingspercentage
96%
Bouwjaar
2023
Netto gebouwoppervlakte
12.874 vierkante meter
Aantal eenheden
139

Media

Investeringskenmerken

  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 above market trade-outs on new and renewal leases
  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_Pand te koop
Morris Station 4_Pand te koop

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Laatst bijgewerkt
14 apr 2026