1821 W Golf Rd, Mount Prospect, IL, 60056-4026, US

Orion ParkView

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker, is pleased to present Orion ParkView (the “Property”), a 477- home garden-style apartment community located in esteemed Mount Prospect, IL. Orion offers a variety of in-demand 1 & 2-bed spacious floor plans (807 avg sf). Orion ParkView, built in 1972, has undergone recent major upgrades to common areas and units, addressing historical maintenance needs. With 84% of apartments ripe for renovation, it offers significant value-add potential. This opportunity, combined with organic rent growth driven by strong suburban Chicago market dynamics, makes Orion ParkView an attractive investment.

Orion ParkView’s location on Golf Road offers prime access to nearby retail, top employers in Schaumburg and Rosemont/O’Hare, and excellent public schools in District 214. Vibrant downtown Arlington Heights and Mount Prospect, as well as the greater Chicago metropolitan area, can be enjoyed by all residents. Mount Prospect’s high quality of life, strong economy, and highly-ranked schools, attract well-educated professionals and affluent families. This desirable demographic, combined with the area’s proximity to key employment hubs, ensures a stable and diverse tenant base for the community.

Orion ParkView offers a rare opportunity to achieve scale with significant value-add upside in this dynamic Chicago suburb. This asset is available on a free and clear basis.

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Attributes

Number of units

477

Occupancy

96%

Year built

1972

Rentable area

32,974 m²

Media

Investment Highlights

Rare Investment Upside

10M of Capex Investment since 2018 Including Unit Renovations
Significant remaining value-add opportunity (84% of homes)
Remarkably well-maintained property with all historical deferred maintenance addressed
Brand new clubhouse and resort-style amenities featuring an outdoor pool, fitness center, business center, and more

Stellar Property Performance

96% occupied
3.56% Trade Outs on Renewal Leases (Trailing 6 Months)
2.50% Trade Outs on New Leases (Trailing 6 Months)
Impressive $275 renovation premiums

Fantastic Submarket Fundamentals

7.57% 3-year historical average rent growth
4.87% 3-Year Projected Average Annual Rent Growth
95% 3-year projected occupancy
One Property under construction within 5 miles

Unbeatable Access to Top Employers

Proximate to numerous Fortune 500 Corporate Offices including AT&T, United Airlines, and Zurich North America
10 minutes to Elk Grove Village Industrial Park - the Largest Industrial Park in the United States
Direct access to three employment corridors - Schaumburg, Rosemont/O’Hare, and North DuPage

Outstanding Area Amenities

Top rated school district – A+ per Niche.com
Minutes from the vibrant downtown areas of Arlington Heights and Mount Prospect
Leading healthcare options including High Performing Northwest Community Hospital