News release

Another large multi-housing community in suburban Chicago trades to NYC investor

JLL Capital Markets completed the sale of the 403-unit City View at the Highlands in Lombard, Illinois

January 10, 2022

Jenna Sharp

Property Management and Capital Markets
+1 214 438 6450

CHICAGO, Jan. 10, 2022 – JLL Capital Markets announced that it has closed the sale of City View at the Highlands, a 403-unit, luxury, value-add, mid-rise apartment building located in the Chicago suburb of Lombard, Illinois.

JLL represented the sellers, a joint venture between Marquette Companies and an Institutional Partner.  Torchlight Investors, LLC acquired the asset.  The Hayman Company will provide leasing and property management services.

With an average of 902 square feet, the renovated units of the seven-story City View at the Highlands offer quartz countertops, stainless steel appliances, wide plank flooring, nine-foot ceilings, full-size washers and dryers and patios or balconies. Recently upgraded community amenities include a swimming pool and sundeck, outdoor grilling area, two outdoor lounge spaces with fire pits, a 24-hour fitness center, a yoga studio, a community kitchen, a tech and business center and a conference room.

Situated at 2720 S. Highland Avenue and spanning five acres, the transit-oriented City View at the Highlands is adjacent to Butterfield Road and two major expressways, I-88 and I-355, leading to both of Chicago’s international airports, the Chicago CBD, the surrounding suburbs’ area amenities and top employment centers. The suburban location provides proximity to numerous retail options at Oakbrook Center and is walkable to Yorktown Center. Additionally, the community’s location in DuPage County offers access to top healthcare options such as Northwestern Medicine Central DuPage, Advocate Good Samaritan and Edward Hospital, as well as a number of college campuses.

The JLL Capital Markets team representing the seller was led by Senior Director Kevin Girard, Senior Managing Director Marty O’Connell and Executive Managing Director Matthew Lawton.

“We were ecstatic to work with longtime clients of the firm and personal friends on this very successful transaction of a quality asset in a dynamic suburban location,”  Girard said.

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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Marquette Companies

The Marquette Companies specializes in the Class A and B multi-family segment of the commercial real estate industry.  With a 39-year track record of success and more than $2.7 billion under management, Marquette is a vertically integrated operator with in-house development, acquisition, asset management, construction management, and property management capabilities.  Marquette’s success is largely due to its strong track record in executing value-add business plans, turnaround opportunities, and development / lease-up opportunities that maximize returns for its institutional partners.  For further information, visit marquettecompanies.com

About Torchlight Investors, LLC.

Torchlight was founded in 1995 to provide investment management services to institutional clients seeking exposure to commercial real estate markets. Torchlight has sponsored 11 investment funds for institutional clients, including public and corporate pension funds, endowments and foundations, and sovereign wealth funds.  Over more than two decades, Torchlight has invested across a wide array of commercial real estate investments, including: private senior and mezzanine loans, preferred equity, equity and investment grade and non-investment grade CMBS for opportunistic, value-add and benchmarked fund strategies. Torchlight has acquired over $25 billion in commercial real estate investments and has over $5 billion of assets under management.  For more information, visit www.torchlightinvestors.com.