JLL Capital Markets recently completed the sale of Woodlands of Crest Hill, a 730-unit apartment community located in the southwest Chicago suburb of Crest Hill, IL. The property was sold for $95 million and was represented by a team from JLL led by managing directors Kevin Girard and Mark Stern and director Zach Kaufman on behalf of the sellers, a fund managed by DRA Advisors and Marquette Companies.
Constructed in 1972, Woodlands of Crest Hill has undergone multiple renovations since 2018 with potential for future value-add upgrades. The complex offers studio, one- and two-bedroom units averaging at 649 square feet each with updated finishes including vinyl plank flooring as well as ample storage space. Amenities include a resort-style pool, sundeck area, modern clubroom and fitness center.
According to Girard: “We were extremely fortunate to be involved in another transaction that showcases the strong demand for multi-housing opportunities in Chicago.” He added that “the market is thriving as it serves as the hub for Midwest real estate activity.” With solid fundamentals such as rent growth rates above average along with limited new developments underway make this an attractive market to buyers seeking stable returns on their investments.
