JVM Realty Corp. (“JVM”), a vertically integrated multifamily real estate investment and property management firm, announced that it has acquired Ellison Apartments, a newly constructed, 113-unit, transit-oriented luxury apartment community in the Chicago suburb of Des Plaines, Illinois. The deal was brokered by CBRE.
“Ellison Apartments is a rare find, in that it features an exclusive, boutique multifamily property in a high-demand, strategic location,” said Jay Madary, president and CEO of JVM Realty Corp in a statement. “This property aligns perfectly with our investment approach, emphasizing quality and convenience for our residents and exceptional value for our partners.”
Located at 1555 Ellinwood Avenue, Ellison Apartments was completed in 2019 and provides alcove studio and multiple one-bedroom and two-bedroom layouts, with an average of 894 total square feet per unit. Each apartment home features low-flow water fixtures, LED lighting and many of the high-end finishes that JVM properties are known for, including spacious open kitchens with stainless steel appliances, granite or quartz countertops, 42″ cabinetry with undermount lighting and subway tile backsplashes; nine-foot ceilings with windows for natural lighting; energy efficient appliances; wide plank flooring; private balcony or patio; and an in-unit, full-size washer and dryer. Select units also feature glass-enclosed showers. The property will also feature first-floor retail space.
Residents also have access to host of modern community amenities including a spa pool and sundeck with grilling station and fire pit; club room with entertaining kitchen, work pods, coffee bar, and business center with video conferencing; fully equipped 24-hour fitness and wellness center; indoor garage parking; pet spa; and bike room.
“The Ellison is an exceptionally well built and highly amenitized boutique multi-family asset,” said John Jaeger, an executive vice president in CBRE’s Chicago office. “The property is well situated for the future with a location adjacent to a Metra Train station, suburban-urban amenities, and proximity to O’Hare airport.”
Des Plaines is situated in Northwest Cook County, Illinois’ most populous county, and only 17 miles from Chicago at the crossroads of several major expressways. The property itself is located in downtown Des Plaines, offering residents a short walk to several nearby restaurants and bars and is directly across the street from the Metra train station, offering service to downtown Chicago in less than 30 minutes. O’Hare International Airport is only 15 minutes away. The area also provides easy access to six major shopping centers within a two-mile radius. More than 1,200 medium to large employers, including Chicago sports teams, Morgan Stanley, and many others, are only a short commute away. Additionally, residents may enjoy the 50 miles of biking trails and parks located along the Des Plaines River.
This is the ninth Illinois property in the current JVM portfolio which is expected to provide additional economies of scale for ongoing property management. JVM owns and operates a multifamily portfolio in excess of $1.5 billion in the greater Midwest.