HP Ventures Group-Development Services LLC (“HP”) has acquired East Village Apartments in Downers Grove, Illinois for $7.1 million. Kiser Group’s Ron Plonis represented both the seller, Forth Group Real Estate, and buyer in the transaction.
“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.”
“East Village Apartments hit the market in April of 2020, and immediately faced pandemic-related market pricing and capital markets obstacles,” said Plonis. “But as the demand for suburban locations with larger unit sizes increased throughout the pandemic, we were able to demonstrate value and find a perfect match in HP for our developer client.”
“Ron Plonis and Kiser Group were very helpful, doing in depth research to determine the market value and where our property should trade,” said Scott Seger, President at Forth Group Real Estate. “Having good data and local market knowledge was very beneficial when making decisions during this difficult time in real estate. I would recommend their services to property owners, investors and developers.”
Located at 717 Rogers St. and 5001 Prospect Ave, the 20-unit, 3-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 close proximity to Chicago and positioning along the Metra’s BNSF line make it a desirable location within DuPage County.
“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.”