Nuveen Acquires 254-Unit Uptown La Grange Apartments From Jay Madary For $87.8M

The property involved in this transaction is a multifamily asset located at 31 East Ogden Avenue in La Grange. The building consists of 254 units and was sold for $87,800,000, resulting in a price per unit of $345,669. This Class A property is noteworthy for being the only large apartment building constructed in La Grange since 1970.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $87,800,000
• Units: 254
• Price per Unit: $345,669
• Buyer: Nuveen
• Seller: Jay Madary - JVM Realty
• Market: La Grange
• Brokers: John Jaeger, Justin Puppi & Jason Zyck - CBRE

This transaction marks Nuveen's second suburban Chicago multifamily acquisition in the past year. Brokers John Jaeger, Justin Puppi, and Jason Zyck from CBRE facilitated the sale, showcasing their expertise in the market. The eight-year-old property was previously owned by JVM Realty under the leadership of Jay Madary.