Westmont Village Apartments_Property for Sale

6715 Lakeshore Dr, Westmont, IL, 60559-3305, US

Westmont Village Apartments

Asset description

Jones Lang LaSalle Americas (Illinois), LP. ( JLL) is pleased to present Westmont Village Apartments, a newly renovated 558-home garden-style apartment community with proven value-add upside. Westmont Village Apartments is located in a premier Chicago suburb that attracts families and young professionals with access to top employers, excellent schools, leading healthcare and abundant retail.

Westmont Village Apartments has undergone significant recent renovations with the opportunity for new ownership to continue the verifiable value-add program. Current ownership has spent $8.4 million on exterior and interior unit renovations including brand new balconies, updated kitchens, bathrooms, and flooring.

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Attributes

Number of units

558 units

Occupancy

94.00%

Year built

1977

Building area Net

55,167 sm

Media

Investment highlights

Best-In-Class Apartment Community

Institutionally Managed Since 2016
Verifiable value-add with ~$225 rent premiums for 34% of the property already renovated
Recently upgraded, in-demand amenities highlighted by resort-style pool, sun deck, modern clubroom, and fitness center
Available well below replacement cost

Fantastic Property Performance

94% Occupied
12%+ Effective Growth on New Leases
6.5%+ Effective Growth on Renewals
Average Occupancy since 4Q2020 has been 95%

Robust Submarket Fundamentals

8.2% YoY Effective Rent Growth
95%+ Projected 5-Year Average Occupancy
4.9% Projected 3-Year Rent Growth

Path-of-Growth Location

DuPage County is the #1 county to live in Illinois (Niche 2023)
Direct Access to I-88 Job Corridor and Top Employers
Neighbors nearby Retail and Grocery including, Mariano's, Walgreens, Aldi, Whole-Foods, Jewel-Osco, Best-Buy, Walmart, and more
~20 Minutes to Yorktown Center, Oakbrook Center, and Morton Arboretum
Downers Grove South High School "A" rating (Niche 2023)
Westmont Average House Hold Income is $122,000
One property under construction within a 5-mile radius

Capital Improvements

Previous ownership (pre-2018), spent $10.7 million on the property in the form of exterior and interior enhancements
Current ownership has spent ~$8.4 million on property upgrades, which includes new balconies, expanding on Clubhouse amenities, interior unit renovations, and more.