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Deal Highlight: JVM Acquires Ellison Apartments
redIQ would like to congratulate the team at JVM Realty Corporation for finalizing the acquisition of Ellison Apartments!
About the deal
Ellison Apartments in Des Plaines, Illinois is made up of 113 residential units—studios, and one- and two-bedroom units. Ellison Apartments includes a retail base and several amenities such as a pool, gym, and indoor parking. Construction of the asset was finished in 2019. Ellison Apartments is near O’Hare International Airport and the Des Plaines Metra station.
This is JVM's ninth acquisition in the state. The deal was brokered by CBRE.
About Des Plaines
Des Plaines, Illinois is a Chicago suburb adjacent O’Hare International Airport. The population of 60,000 grew by 4% between 2010 and 2020 (Census). The unemployment rate was 3.8% in September, close to the US average of 3.9%. Des Plaines is located near Chicago, and Metra access makes commuting to the city accessible. The largest employers in Des Plaines include a casino, schools, and an oil company. The median income is ~$79,000. The annual rental growth rate between 2020 and 2021 was approximately 0.34%, compared to the US average of 6.11%. The vacancy rate in the area is an average of 5.8%.
For over ten years, redIQ has provided a comprehensive and dependable underwriting service for multifamily acquisitions teams, brokers, and lenders focused on mid to large-sized assets. redIQ's solutions lead the industry and support the full underwriting process, from standardizing financial documents to producing a final valuation. With our system, analysis takes less time, and decision-makers can move forward with greater confidence. redIQ users can close more deals, produce better returns, and spend less time worrying about the downside. Click here to schedule a demo.