By Ioana Neamt, Associate Editor
A New York City-based investor is adding to its Chicagoland multifamily portfolio.
TGM Associates recently purchased a 20-building residential community in Naperville, Ill., totaling 400 units. According to Crain’s Chicago Business, TGM acquired McDowell Place from the Northbrook, Ill.-based Banner Essex Apartment Fund I for $64.9 million. Dan Cohen, executive vice president at CBRE, brokered the transaction. With this latest acquisition, TGM’s multifamily portfolio now totals 2,288 apartment units.
Located at 1647 Westminster Drive in the Naperville School District 204, McDowell Place—now TGM McDowell Place—offers residents easy access to Route 59, the 1-88 interchange, and the city’s two Metra stations. The property also provides access to Naperville’s primary retail corridor, which includes the 1.4-million-square-foot Westfield Fox Valley Mall.
“We are very excited to bring TGM McDowell Place into our multifamily portfolio,” Zach Goldman, managing principal & director of operations for TGM, said. “TGM McDowell Place will complement our three existing TGM Communities in Illinois well, offering residents even more Premium Apartment Living options in the Chicagoland area.”
According to data from Yardi Matrix, TGM McDowell place incorporates 400 one- and two-bedroom residential units, 832 parking spaces, fitness and business centers, swimming pool, clubhouse, and tennis court. Property manager TGM Communities plans to invest in extensive renovations of the residential units and community amenities.
TGM also owns and manages TGM Springbrook in Aurora, TGM Willowbrook in Willowbrook and TGM Park Meadows in Schaumburg, Ill.
Image courtesy of Yardi Matrix