June 7, 2017
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.
For comments, questions or concerns, please contact Dennis Kaiser