03.19.21
HP Ventures Group-Development Services Acquires East Village Apartments for $7.1 Million in Downers Grove Neighborhood
CHICAGO, IL – 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.”
About HP Ventures Group-Development Services LLC: Founded in 2009, HP develops and purchases mid-rise apartment buildings and townhouse projects, and then manages them to maximize the property’s cash flows. HP serves tenants who prefer newer, larger, high-quality units while maintaining the flexibility and lower costs of renting compared to owning. These characteristics are aligned with demographic trends as the millennial generation, the largest demographic group in the U.S., transitions from household formation to family formation.
About Forth Group Real Estate: Forth Group specializes in Chicago community management in the city and nearby suburbs. Our staff is comprised of seasoned professionals and our services are based on the latest web access technology for condominium and community associations.
About Kiser Group: Kiser Group is Chicagoland’s leading commercial real estate brokerage firm specializing in the disposition of multifamily, mixed-use and development parcels. Founded in 2005, Kiser Group works with diverse owners and investors to value, market and close commercial properties successfully. The firm’s unmatched combination of experience, market intelligence and track record makes Kiser Group the go-to broker for the Chicago metropolitan area.
