Buligo Capital completes sale of Chicago-area apartments
JLL Capital Markets represents seller and secures acquisition loan for buyer
CHICAGO, October 8, 2019 – JLL announced today that it has closed the $25.7 million sale and $20.56 million financing of Central Park and Governor’s House Apartments, two apartment communities totaling 316 units in South Suburban Chicago, Illinois.
JLL marketed the properties on behalf of the seller, a joint venture between Buligo Capital Partners and Ferndale Realty Group. Bender Companies purchased Central Park Apartments for $17.4 million and Governor’s House Apartments for $8.3 million. Additionally, JLL worked on behalf of the buyer to originate the 10-year, fixed-rate acquisition loans of $13.92 million and $6.643 million respectively, through Fannie Mae. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
The portfolio comprises Central Park Apartments, which is located at 11 Fir Street in Park Forest and Governor’s House Apartments, which is located at 871 Burnham Drive in University Park. Both communities are approximately 30 miles south of Downtown Chicago and are convenient to top employers in the I-57-corridor, which houses a high concentration of logistics, technology and manufacturing companies. In addition, the portfolio has convenient access to Downtown Chicago via the local Metra stations as well as two major expressways, Interstate 57 and U.S. 30. The 95%-leased Central Park Apartments offers 220 units in one-, two- and three-bedroom layouts averaging 1,150 square feet each. Governor’s House Apartments, which is 97% leased, has 96 units available in one- or three-bedroom layouts averaging 888 square feet each.
The JLL Capital Markets team representing the seller was led by Senior Directors David Gaines and Wick Kirby and Directors Mark Barnes and Kevin Girard.
JLL’s Capital Markets team representing the buyer was led by Managing Director Jason Bond and Senior Director Trent Niederberger.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP, a licensed real estate broker.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Buligo Capital Partners
Buligo Capital Partners is a global real estate investment firm that provides investors with the opportunity to invest globally alongside experienced operators. For more information, please visit, buligocapital.com.
About Bender Companies
Bender Companies is an owner-operator specializing in the acquisition and management of value-add multifamily assets. Since it’s inception in 2011, Bender Companies has established a proven track record of high performing investments through strategic acquisitions, mitigating risk and effective management. For more information, please visit: bender-companies.com.