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

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SOLD
$30,000,000
John Jaeger
JM

Illinois

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MultiFamily
Sold 11/28/2023
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Property Image
SOLD

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

1555 Ellinwood Street

See Similar Deals
MultiFamily
Sold 11/28/2023
John Jaeger
JM
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

John Jaeger
CBRE
John Jaeger
29 deals$2.1B volume
BROKER
JM
Jay Madary
5 deals$288.3M volume
BUYER
OG
Opus Group
SELLER

Details

SOLD
IMAGE: John Jaeger, Mitch Barns & Jay Madary DATE: 11/28/2023 ADDRESS: 1555 Ellinwood Street MARKET: Des Plaines ASSET TYPE: Multifamily BUYER: JVM Realty Corp. - Jay Madary SELLER: Opus Group (@TheOpusGroup) - Mitch Barns BROKER: John Jaeger - CBRE (@CBRE) SALE PRICE: $30,000,000 UNITS: 113 ~ PPU: $265,487 NOTE: JVM Realty Corp. has purchased the 113-unit Ellison Apartments in Des Plaines, Illinois, for $30 million, at a rate of approximately $265,486 per unit, from Opus Group. The property, built in 2019 and located at 1555 Ellinwood St., includes studio, one- and two-bedroom units with amenities like a swimming pool, fitness center, spa, and co-working spaces, and is encumbered by a $25 million loan provided by CrossHarbor Capital Partners Insurance Co. in 2021.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,600,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66