Portfolio

Orion Portfolio

Mount Prospect,Arlington Heights,Naperville, IL, US

Orion Portfolio_Property for Sale

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Orion Portfolio 2_Property for Sale

Portfolio description

Jones Lang LaSalle (“JLL”) is pleased to present The Orion Portfolio (“the Portfolio”), a 4-asset, 1,717-unit, garden-style workforce housing portfolio located in the prominent Chicago suburbs of Arlington Heights, Mount Prospect, and Naperville. Built in the 1970’s and 1980’s, the assets are extremely well maintained and have recently received substantial capital investments to address any historical deferred maintenance and further enhance the properties, including revamping their amenities, common areas, landscaping, and more. With 90%+ of units available for renovation, the Portfolio features massive value-add upside and provides an investor with the opportunity to continue ownership’s proven value-add strategies, while simultaneously enjoying extraordinary organic rent growth by marking existing leases to market. The Portfolio offers an investor the ability to build immediate scale in some of Chicago’s most sought-after suburban locations. The Portfolio is being offered on an All-Cash basis.

Attributes

Number of units
1,717 units
Year built
1974
Building area Net
1,379,414 sf
Land area Net
13.79 acres (600,692 sf)
Orion Portfolio (4 Properties)
Orion Portfolio (4 Properties)

Investment highlights

​​​​​​​Significant Mark-To-Market Opportunity

  • Enormous opportunity to drive income by marking-to-market rolling leases
  • In-Place rents are 14% below Market Rents across the portfolio:
    • Orion Arlington Lakes: $1,581 vs $1,829
    • Orion ParkView: $1,269 vs $1,407
    • Orion Prospect: $1,220 vs $1,423
    • Orion 59: $1,325 vs $1,486


Tremendous Lease Trade-outs

  • Extremely strong lease trade-outs on new & renewal leases:
    • Orion Arlington Lakes: 15.9%
    • Orion ParkView: 14.6%
    • Orion Prospect: 19.9%
    • Orion 59: 18.5%


Massive Value-Add Upside Remaining

  • 1,564 units (91%) available for renovation
  • Strong renovation premiums:
    • Orion Arlington Lakes: $275
    • Orion ParkView: $277
    • Orion Prospect: $274
    • Orion 59: $150


Extremely High-Quality Assets 

  • Nearly $12 Million of capital invested into the properties since November 2018
  • Remarkably well-maintained properties with all historical deferred maintenance addressed


Strong Resident Demographics 

  • High resident incomes support future rent growth
  • $70,000+ average household incomes
  • 22% rent-to-average income ratio


Exceptional Locations

  • Proximate to top Chicago employers and Fortune 500 companies
  • Excellent area amenities
  • Top rated school districts
  • Immediate access to Interstates 88, 90, 290, and 294


Orion Portfolio 4_Property for Sale
Orion Portfolio 4_Property for Sale

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Last updated
Nov 30, 2022