HP Ventures Group-Development Services LLC acquired East Village Apartments in Downers Grove, IL for $7.1 million. Kiser Group’s Ron Plonis represented both the seller, Forth Group Real Estate, and buyer.
“HP’s properties offer relatively large units in Chicago’s outlying neighborhoods and suburbs, features that have become more important than ever for tenants who work from home,” said Steve Cook, HP’s managing partner. “We think that the Chicago area offers excellent investment opportunities as we grow our portfolio of properties.”
Located at 717 Rogers St. and 5001 Prospect Ave, the 20-unit, three-story building was newly constructed in 2018. Floor plans include 18 two-bedroom/two-bathroom units and two one-bedroom/one-bathroom units.
“Downers Grove’s multifamily market also saw increased occupancy, and rents through 2020 after,” said Plonis. “Chicago’s suburbs have definitely weathered if not thrived during the pandemic with collections higher in most properties than in similar products throughout the city.”