Suburban multi-housing community near Chicago trades
JLL Capital Markets closed the sale of Brook Run Apartments and Townhomes
CHICAGO – Oct. 7, 2021 – JLL Capital Markets announced today that it has closed the sale of Brook Run Apartments and Townhomes (“Brook Run”), a 182-unit, garden-style multi-housing community in the Chicago suburb of Arlington Heights, Illinois.
JLL marketed the property on behalf of the seller, Laramar Group. Redwood Capital Group acquired the asset.
Brook Run comprises one-, two- and three-bedroom units averaging 936 square feet. Units offer stainless steel appliances, balcony/patios, dishwasher and in-unit washer and dryer. The community features a clubhouse, swimming pool, patio area with fireplace, barbeque station and fitness center.
Located at 2734 North Buffalo Grove Rd., Brook Run is near several significant employment corridors with easy access to a wealth of Fortune 500 company headquarters, office and industrial parks, entertainment centers, medical facilities, hotels and retail. The property is in Arlington Heights, a charming suburban community situated 25 miles northwest of downtown Chicago. Located less than 10 minutes from Brook Run, downtown Arlington Heights offers a walkable destination filled with a great variety of quaint boutique shops, national retailers and upscale dining options. Residents can shop, dine and play at Arlington Alfresco, get in a workout at The Barre Code, grab a slice at Armand’s Pizzeria, a pint at Peggy Kinnane’s Irish Pub and some culture at Arlington Heights Memorial Library as well as Arlington Heights Historical Museum.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Director Kevin Girard, Senior Managing Director Marty O’Connell and Associate Zach Kaufman.
“This was an unbelievable opportunity for JLL to work alongside two local Chicago firms on a highly successful transaction,” said Girard.
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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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 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Laramar Group
Founded in 1989, Laramar Group is a vertically integrated and distinguished national real estate investment and property management corporation with a multi-billion dollar portfolio. For over 30 years, Laramar has delivered an unparalleled level of service to the real estate industry. Laramar has specialized in managing and acquiring multifamily properties throughout its entire company history. The company manages a wide range of properties from high-rise urban to smaller urban neighborhood to suburban garden-style properties and has a presence in over 20 markets from coast to coast. Laramar maintains corporate offices in Chicago, and Denver.
About Redwood Capital Group
Based in Chicago, Redwood Capital Group is an institutionally focused, vertically integrated real estate investment manager concentrated on the multifamily sector, with capabilities in investment, asset, property and construction management. The company employs a highly disciplined investment strategy focused on core-plus and value-add multifamily communities and identifies distinctive opportunities with the potential for attractive risk-adjusted returns. As of October 1, 2021, Redwood's portfolio consists of 8,400 apartments across 28 communities throughout the United States with a gross asset valuation of approximately $2 billion.