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Suburban Value-Adds Attract Investors

CHICAGO—Many suburban assets built in the 70s, 80s and 90s have real potential, and that gives an opening to investors comfortable with the value-add suburban sector.

chi-JRKAcquiresCloverCreek (2) Built in 1986, Clover Creek is about 30 minutes west of downtown Chicago. Roughly 60% of units are still in original condition, and the remaining 40% also need renovations.

CHICAGO—Apartments in the Chicago region that present value-add opportunities continue to attract some of the most influential property owners in the US. JRK Property Holdings just acquired Clover Creek, a 504-unit apartment community in suburban Lombard, and has plans to upgrade the community. The transaction was brokered by HFF.

JRK has made other significant investments in the region. One of the largest multifamily owners in the US, JRK entered the market in 2014 with the acquisition of The Residences at Arlington Heights, an 838-unit community in Arlington Heights, located 20 miles north of the Clover Creek property.

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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