Jim Lippman And Daniel Lippman Of JRK Property Holdings Acquire Multifamily Complex In Bolingbrook For $69.3M

The property asset involved in this transaction is the Brook on Janes apartment complex, consisting of 288 units located at 401 Janes Avenue in Bolingbrook. The sale price for the multifamily asset was $69.3 million, translating to a price per unit of approximately $240,625.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $69,300,000
• Address: 401 Janes Avenue
• Market: Bolingbrook
• Units: 288
• Price Per Unit: $240,625
• Buyer: Jim Lippman & Daniel Lippman - JRK Property Holdings
• Seller: Quarterra
• Broker(s): Kevin Girard, Matthew Lawton & Roberto Casas - JLL
• Mortgage Broker(s): Annie Rice & Brandon Smith - JLL

This transaction reflects JRK Property Holdings' expansion of its Chicago-area portfolio. The acquisition indicates a notable activity surge in the multifamily sector, spurred by strong rent growth in suburban Chicago, despite a recent slowdown in deal volume nationally.