Updated Sep 16, 2025
Jay Lobell Of JSB Capital Group Acquires Lincoln Station Apartments From 7Acre Investments For $65M
208 Prairie Road
$65,000,000
Units
220
Asset Type
MultiFamily
Closing
Sep 12, 2025
About this deal
AI
The property asset involved in the transaction is a multifamily apartment complex located at 208 North Prairie Road in New Lenox, IL. The property consists of 220 units and was sold for a total price of $65,000,000, resulting in a per unit price of $295,455.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $65,000,000
- Buyer: Jay Lobell - JSB Capital Group
- Seller: Chase Watson & Adam Fletcher - 7Acre Investments
- Units: 220
The key individuals involved in this transaction include Jay Lobell representing JSB Capital Group as the buyer, while Chase Watson and Adam Fletcher represented 7Acre Investments as the sellers. The deal followed a prolonged legal dispute involving developer Richard Gammonley and rescue lender 7 Acre Investments, which had a significant impact on the ownership structure prior to the sale.
On the Map
$65,000,000
MultiFamily
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Players
New Lenox MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93