CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The Commons at Town Center, a boutique luxury residential and retail property in the affluent North Shore community of Vernon Hills, Illinois.
The HFF team marketed the property on behalf of the seller, Inland Residential Properties Trust, Inc. (a member company of The Inland Real Estate Group of Companies, Inc.), and procured the buyer, FPA Multifamily, LLC.
The Commons at Town Center consists of 85 residential units averaging 1,240 square feet and more than 10,000 square feet of ground-floor retail space leased to Sam Martirano Salon & Spa, Hawthorn Dental Associates, Design Studio Jewelry, Eight Piece and Giuseppe’s Pizza. Completed in 2010, the six-story property is located just northwest of Highway 45 and N. Milwaukee Avenue at 1255 Town Center, which positions it near 225,000 square feet of retail, award-winning schools and more than a dozen Fortune 500 employers. In addition to the retail component, community amenities include a heated indoor parking garage, fully equipped fitness center, hospitality room and resident lounge. The one- through three-bedroom, condo-quality units feature well-appointed kitchens inclusive of granite countertops, high-end cabinetry, stainless steel appliance and large peninsulas; full-size washers and dryers; large walk-in closets; and expansive balconies. Both the residential and retail components are fully leased.
The HFF investment advisory team included senior director Wick Kirby, managing directors Sean Fogarty and Marty O’Connell and director Kevin Girard.
About Inland Real Estate Group of Companies, Inc. With a business track record spanning five decades, The Inland Real Estate Group of Companies, Inc., is an industry leader and one of the nation’s largest commercial real estate and finance organizations. As a business incubator, Inland specializes in creating, developing and supporting Inland member companies that provide commercial real estate-related services and alternative investment funds, including limited partnerships, institutional funds and non-listed and listed REITs, and investment advice through a registered investment advisor.
The companies that are members of The Inland Real Estate Group of Companies, Inc., which is headquartered in Oak Brook, Illinois, cumulatively employ more than 1,000 people nationwide. Inland member companies have owned and managed hundreds of millions of square feet of various commercial property types in 49 states. “Inland” refers to some or all of the entities that are part of The Inland Real Estate Group of Companies, Inc., which is comprised of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by Inland Real Estate Investment Corporation or its subsidiaries.
About FPA Multifamily, LLC: FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and workforce housing apartment communities. Founded in 1985, FPA has owned over 104,000 apartment units valued at over $11 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VI, which will acquire approximately $1.8 billion of assets, and its core plus focused FPA Core Plus Fund IV, which will acquire approximately $1.4 billion of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Minneapolis, Dallas and Atlanta. For more information, please visit fpamf.com
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.