WILMETTE, IL - The Laramar Group, a leading national real estate investment firm, completed the acquisition of a 294-unit multifamily community in Chicago’s west suburban market. The Easton Downers Grove is located at 2845 Easton St. in Downers Grove, IL, part of an established, infill market in Southeast DuPage County. FPA Multifamily, LLC sold the asset.
The sale and financing was done by JLL’s Capital Markets team. JLL’s Investment and Sales Advisory team was led by Managing Directors Kevin Girard and Mark Stern, Director Zach Kaufman, and Senior Analyst Betsy Romenesko. JLL’s Debt Advisory team was spearheaded by Senior Managing Director Danny Kaufman, Director Medina Spiodic, and Associate Rebecca Brielmaier.
Originally constructed as condominiums in 2009, The Easton Downers Grove is comprised of three seven-story concrete buildings and five three-story townhome buildings in a unique living environment with a variety of floor plans. The property offers a distinctive mix of quiet suburban living, access to parks and recreational preserves, and proximity to the upscale Oak Brook shopping mall, as well as popular restaurant and entertainment destinations. The property's strategic location offers residents convenient access to major thoroughfares, connecting to key employment hubs including the I-88 Technology Corridor, Oak Brook's business district, and the I-55 industrial and distribution corridor.
"The Easton Downers Grove aligns strategically with Laramar's value-add strategy as it is well-designed and centrally located in an area with strong household income and connection to multiple employment corridors," said Matthew Kreikemeier, Vice President of Investments for Laramar. "This acquisition represents an excellent opportunity to expand Laramar's presence in the Chicago suburbs, where strong demand and limited supply continue to drive market fundamentals."
The community includes 24 townhomes with attached garages, 39 penthouse units, and 111 climate-controlled underground parking spaces, along with a heated swimming pool, sundeck, and multiple community courtyards and grilling stations. Planned unit renovations include new kitchen and bathroom cabinets, countertops, appliances, flooring, custom closets, as well as enhancements to the common areas.
About The Laramar Group: Founded in 1989, The Laramar Group is a multi-faceted national real estate investment company with a series of discretionary funds and joint ventures in the multifamily industry medical real estate sector and real estate technology. Laramar has investment and management experience in 50+ markets from coast to coast and maintains corporate offices in Chicago and Denver. Since inception, Laramar has owned and/or managed approximately 100,000 units and is currently investing on behalf of its Multifamily Value Add Fund III. Laramar has a national operating platform providing asset and property management services with experience in core, core-plus and value-add strategies in urban, urban neighborhood and suburban markets throughout the U.S.
About JLL: For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About FPA Multifamily, LLC: FPA Multifamily, LLC is a real estate operating company focused on the acquisition, renovation and management of both core plus and work force housing apartment communities. Founded in 1985, FPA has owned over 160,000 apartment units valued at over $25 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund IX which will acquire over $5 billion of assets and its core-plus focused FPA Core Plus Fund VI which will acquire approximately $2 billion of assets. Headquartered in San Francisco, FPA also has offices in Atlanta, Chicago, Denver, Houston, Irvine and Washington DC. For more information, please visit www.fpamf.com.