NAPERVILLE, IL - TGM Associates announced the acquisition of TGM McDowell Place, a two-story garden property, totaling 400 units in 20 buildings, located in Naperville, IL.
Set in a natural, landscaped surrounding, TGM McDowell Place is conveniently located off Route 59 in Naperville, IL, less than a mile from the 1-88 interchange, and 55 million square feet of office space in the heart of the technology corridor. The property's location just east of Route 59 provides residents with easy access to Naperville's primary retail corridor, which consists of more than 6 million square feet of retail including fine dining, grocery store options and a variety of commercial conveniences. The Westfield Fox Valley Mall, a 1.4 million square foot major regional mall is two and a half miles south of McDowell Place and boasts more than 150 retailers.
The community's location offers convenient access to Naperville's two Metra stations for easy commuting into Chicago in as little as 35 minutes. McDowell Place is also located in the highly acclaimed and sought after Naperville School District 204, one of the best districts in Illinois. The combination of these attributes makes McDowell Place's location unique and highly desirable for residents.
"We are very excited to bring TGM McDowell Place into our multifamily portfolio. TGM McDowell Place will complement our three existing TGM Communities in Illinois well, offering residents even more Premium Apartment Living options in the Chicagoland area" said Zach Goldman, Managing Principal and Director of Operations for TGM Associates, a SEC-registered real estate investment advisory firm based in New York City.
TGM McDowell Place is managed by TGM Associates' management brand, TGM Communities. TGM also owns and manages; TGM Springbrook in Aurora, TGM Willowbrook in Willowbrook, and TGM Park Meadows in Schaumburg, IL. With the addition of McDowell Place TGM's Chicagoland multifamily portfolio consists of 2,288 apartment units.
TGM McDowell Place, formerly known as McDowell Place, was owned and managed by Northbrook, IL based Banner Apartments. The broker on the transaction was Dan Cohen, Executive Vice President at CBRE.
TGM plans to renovate the interiors of all of the apartment homes to include new cabinets, countertops, appliances, light fixtures, and hardware. Additional renovations will occur to the resident amenities including a state of the art fitness center, media center, and café lounge.