June 7, 2017 Comments Off on Blackstone Divests Suburban Chicago MF Community for $67M Views: 364 Illinois, Midwest, National News

Blackstone Divests Suburban Chicago MF Community for $67M

Los Angeles-based JRK Property Holdings acquired Clover Creek, a 504-unit apartment community in suburban Chicago from Blackstone for reportedly $67.4 million. Clover Creek was acquired out of the JRK’s newly-closed $330-million JRK MF Opportunities II L.P. fund.

Built in 1986, Clover Creek is located in Lombard, IL, a suburban Chicago submarket in DuPage County, 30 minutes west of downtown Chicago. Clover Creek offers a variety of one, two and three-bedroom floor plans, in seven buildings spread across a low-density, 34-acre site.

This is the second significant investment for JRK in Chicago. It previously acquired The Residences at Arlington Heights, an 838-unit community in Arlington Heights, IL.

HFF’s Sean Fogarty, Marty O’Connell and Amanda Friant represented both parties in the Clover Creek transaction.

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