JVM Realty Corp. Acquires 113-Unit Ellison Apartments In Des Plaines For $30M

JVM Realty Corp., led by Jay Madary, has acquired the Ellison Apartments in Des Plaines, Illinois, for $30 million. The multifamily property, located at 1555 Ellinwood Street, consists of 113 units featuring studio, one- and two-bedroom layouts. Built in 2019, the apartments come with various amenities such as a swimming pool, fitness center, spa, and co-working spaces. The purchase price translates to approximately $265,486 per unit.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $30,000,000
• Address: 1555 Ellinwood Street
• Market: Des Plaines
• Buyer: JVM Realty Corp. - Jay Madary
• Seller: Opus Group - Mitch Barns
• Broker: John Jaeger - CBRE

The seller, Opus Group, was represented by Mitch Barns while John Jaeger from CBRE acted as the broker in this transaction. The deal also involved a $25 million loan provided by CrossHarbor Capital Partners Insurance Co. in 2021.