Nuveen Acquires Oaks Of Vernon Hills Multifamily Complex For $103M

The Oaks of Vernon Hills apartment complex, located at 103 Oak Leaf Lane in the market of Vernon Hills, has been sold in a successful deal. The multifamily property, consisting of 336 units, was acquired by asset manager Nuveen from a joint venture between Azure Partners and Harbor Group International for a total sale price of approximately $103 million. With an average price per unit of $306,548, the property offers a lucrative investment opportunity in Chicago's northern suburbs.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $103,000,000
• Address: 103 Oak Leaf Lane, Vernon Hills
• Market: Vernon Hills
• Buyer: Nuveen (represented by Jose Minaya)
• Seller: Azure Partners (represented by Michael Dennis); Harbor Group International (represented by Richard Litton)
• Units: 336
• Price per Unit: $306,548

In this notable transaction, Nuveen, led by Jose Minaya, acted as the buyer, while Azure Partners, represented by Michael Dennis, and Harbor Group International, represented by Richard Litton, acted as the sellers. The acquisition of the Oaks of Vernon Hills further strengthens Nuveen's multifamily portfolio, demonstrating their investment strategy and commitment to the Chicago market. This successful deal stands in contrast to recent losses experienced by other sellers in the area, solidifying the property's value and potential for future growth.