Living / Multi-housing

Watermark at the Grove

2511 Watermark Ter, Elgin, IL, 60124-3001, US

Watermark at the Grove_Property for Sale

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Watermark at the Grove 2_Property for Sale

Asset description

Jones Lang LaSalle Americas (Illinois), L.P. “JLL” is pleased to present Watermark at the Grove (“Watermark”) a 282-unit, luxury style apartment community located in the dynamic northwest suburb of Elgin, IL.

 

Watermark offers a variety of spacious layouts ranging from one-bedroom to two-bedroom homes, all with private balconies or patios. Each of the five buildings also offers underground heated parking. The property sets the standard for luxury living, offering residents a resort-style collection of amenities and top tier home finishes and features.

 

The property is perfectly situated along the I-90 corridor with convenient access to Chicago’s employment centers including access to 38M+ SF of industrial, ranked schools, dining, and entertainment. Watermark at the Grove is part of a master planned development including Northwest Corporate/Business Park and The Grove. The Grove is a 30-acre mixed use restaurant, retail, and hotel development with 20+ retailers steps away from the property.

 

This unbeatable opportunity is available via an accretive assumable loan (HUD - 3.31% note rate + 0.25% MIP).

Attributes

Number of units
282 units
Occupancy
98.00%
Year built
2019
Building area gross
265,287 sf

Investment highlights

Strategic Location 

  • Diversified employment base with national and local employers - High concentration of institutionally owned business parks nearby
  • Immediate access to I-90 and Randall Road Northwest interchange employment corridor – Employers include Amazon, JP Morgan Chase, and Motorola Solutions
  • Neighbors The Grove Retail - 30-acre mixed use restaurant, retail, and hotel development with retailers including Starbucks, Chipotle, and Panera Bread

Booming Submarket

  • Muted supply pipeline - no projects under construction within a 5-mile radius
  • 96% Projected 5-Year Avg Submarket Occupancy
  • 8% YoY Effective Rent Growth in Submarket
  • Tax Clarity (not Cook County)

Award-Winning Apartment Community

  • Large Avg. Unit Size - 941 SF and Private Entries/Balconies in every unit
  • Luxury amenities highlighted by a resort-style pool, clubhouse, fitness center, two expansive outdoor dog parks, and a 6-acre terrace which includes a beautiful green space and breathtaking pond views
  • 1-Mile long scenic walking path along property


Watermark at the Grove 4_Property for Sale
Watermark at the Grove 4_Property for Sale

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Last updated
Nov 30, 2022