CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Wheaton Center, a 758-unit, multi-building apartment property in the west Chicago suburb of Wheaton, Illinois.
The HFF team represented the seller, a joint venture between Draper and Kramer, Incorporated and Edge Principal Advisors LLC, in the sale of the property to the buyer, FPA Multifamily, LLC. The property was purchased free and clear of existing financing.
Wheaton Center consists of six elevator-served residential buildings, including two 20-story towers and four low- and mid-rise buildings, with units averaging 927 square feet and three levels of finish packages. Community amenities include a resort-style pool with luxury cabanas, grilling area, state-of-the-art fitness center, community room, conference room, catering kitchen, pet spa, bark park, playground, tennis courts and access to the Illinois Prairie Path. Most recently renovated in 2017, the property is located at 1 Wheaton Center across from the Wheaton Metra station, which offers access via express train into the Chicago CBD. In addition, the property is a short commute from six Fortune 1000 companies and other top employers along the Interstate 88 Research Corridor. Wheaton Center’s centralized downtown location provides immediate access to multiple boutique retail, dining and entertainment venues along the city’s treelined streets.
The HFF investment advisory team included managing directors Marty O’Connell and Sean Fogarty, senior director Wick Kirby and director Kevin Girard.
About Draper and Kramer, Incorporated: Draper and Kramer, Incorporated is a vertically integrated property and financial services company that has a long history of the successful creation, enhancement and management of first-class real estate. Headquartered in Chicago, Illinois, the company is led by President and Chief Executive Officer, Forrest D. Bailey, great-grandson of founder Adolph Kramer. The primary services offered include: management of multi-family residential (rental and condominium) and commercial properties (office, industrial and retail), arranging debt and equity financing for commercial property, residential mortgage banking, and acquisitions and development.
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.