Living / Multi-housing

Watermark at the Grove

2511 Watermark Ter Elgin, Illinois United States 60124-3001
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2019
Building Area Gross
Number of units 282
Occupancy 98.0 %

Asset Description

Jones Lang LaSalle Americas (Illinois), L.P. “JLL” is pleased to present Watermark at the Grove (“Watermark”) a 282-unit, luxury style apartment community located in the dynamic northwest suburb of Elgin, IL.

 

Watermark offers a variety of spacious layouts ranging from one-bedroom to two-bedroom homes, all with private balconies or patios. Each of the five buildings also offers underground heated parking. The property sets the standard for luxury living, offering residents a resort-style collection of amenities and top tier home finishes and features.

 

The property is perfectly situated along the I-90 corridor with convenient access to Chicago’s employment centers including access to 38M+ SF of industrial, ranked schools, dining, and entertainment. Watermark at the Grove is part of a master planned development including Northwest Corporate/Business Park and The Grove. The Grove is a 30-acre mixed use restaurant, retail, and hotel development with 20+ retailers steps away from the property.

 

This unbeatable opportunity is available via an accretive assumable loan (HUD - 3.31% note rate + 0.25% MIP).

Investment Highlights

Strategic Location 

  • Diversified employment base with national and local employers - High concentration of institutionally owned business parks nearby
  • Immediate access to I-90 and Randall Road Northwest interchange employment corridor – Employers include Amazon, JP Morgan Chase, and Motorola Solutions
  • Neighbors The Grove Retail - 30-acre mixed use restaurant, retail, and hotel development with retailers including Starbucks, Chipotle, and Panera Bread

Booming Submarket

  • Muted supply pipeline - no projects under construction within a 5-mile radius
  • 96% Projected 5-Year Avg Submarket Occupancy
  • 8% YoY Effective Rent Growth in Submarket
  • Tax Clarity (not Cook County)

Award-Winning Apartment Community

  • Large Avg. Unit Size - 941 SF and Private Entries/Balconies in every unit
  • Luxury amenities highlighted by a resort-style pool, clubhouse, fitness center, two expansive outdoor dog parks, and a 6-acre terrace which includes a beautiful green space and breathtaking pond views
  • 1-Mile long scenic walking path along property


Last Updated Date: 17 Nov 2022

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Last Updated Date: 17 Nov 2022

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