Downtown Wheaton apartment complex sold to JVM Realty
An Oak Brook-based real estate firm has purchased a downtown Wheaton apartment complex near the old DuPage County courthouse.
JVM Realty Corp. announced it has acquired the six-story, 149-unit apartment community at Courthouse Square. The company completed the purchase on Jan. 26.
JVM Realty has been snapping up large-scale suburban apartment properties in recent years. In Romeoville, the firm bought a 240-unit apartment development last November and renamed it The Bluffs. A year ago, JVM acquired 297 upscale apartments within the Hamilton Lakes Business Park in Itasca.
With the latest purchase, JVM owns and manages eight apartment communities in Illinois. JVM operates a $1.6 billion multifamily portfolio throughout the Midwest.
Courthouse Square contains a mix of one-, two- and three-bedroom apartments across two buildings at the corner of Naperville Road and Willow Avenue. The project was spearheaded by Focus Development in 2016.
A spokeswoman said JVM is not disclosing the purchase price.
"Apartment communities of this caliber are in high demand given the strong employment fundamentals and high barriers to entry for homeownership," JVM president and CEO Jay Madary said in a statement.
Resident amenities include a pool and sun deck, concierge service, a 24-hour fitness center and yoga studio, an event room with a catering kitchen, an outdoor deck with a fire pit, heated indoor garage parking with electric charging stations, a pet wash, a car wash and a bike repair shop. The Illinois Prairie Path runs north of the apartment complex.
"The acquisition of Courthouse Square fits our long-term strategy of pursuing investments where we can leverage our local experience and extensive operating platform to enhance performance, using disciplined underwriting to reflect current and projected market conditions," Madary said.
The historic courthouse building, a Wheaton landmark topped with a clock tower, was converted into six condo units as part of the Courthouse Square development.