The 579-unit Willow Crossing housing complex located at 1031 Charlela Lane in Elk Grove Village was acquired by Chicago-based R.I.G. Capital for $89.3 million from a venture led by J.P. Morgan Asset Management. The property was previously purchased by J.P. Morgan Asset Management for $80 million in 2018. Suburban apartments in Elk Grove Village continue to attract investors due to strong rental demand, with suburban Chicago rents increasing by 4% year over year to $2.06 per square foot in Q1 2024.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $89,300,000
• Units: 579
• Price Per Unit: $154,231
• Buyer: Ari Tessler - R.I.G. Capital
• Seller: J.P. Morgan Asset Management
• Market: Elk Grove Village

Amid challenges in the commercial property market, the acquisition of the Willow Crossing housing complex showcases the continued interest in suburban multifamily assets. The buyer, Ari Tessler, represented R.I.G. Capital in this transaction, demonstrating a strategic move to capitalize on the strong investment potential of suburban Chicago real estate. On the selling side, J.P. Morgan Asset Management successfully closed the deal, reflecting a profitable exit from their previous investment.