Atworth at Mellody Farm sold

The Atworth at Mellody Farm, a 260-unit luxury apartment building across Milwaukee Avenue from Hawthorn Mall in Vernon Hills, has been acquired by a privately-held California-based commercial real estate company.

Passco Companies LLCrecently announced the purchase from AEW Capital Management, Focus and Atlantic Residential. The price was not disclosed. It is Passco's first acquisition in Lake County.

The Atworth was developed in 2018 adjacent to Mellody Farm, a retail center anchored by Whole Foods Market at the northeast corner of Route 60 (Townline Road) and Route 21 (Milwaukee Avenue).

Chicago-based Focus was the developer and general contractor of the complex, which is 97% rented, according to Passco. Rents range from $1,595 per month for a studio to $3,358 for a three-bedroom unit, according to The Atworth website.

"Lake County offers outstanding demographics, an educated workforce and exceptional school systems," Jake Niles, director of acquisitions - West for Passco, said in a statement.

"The county added more than 20,000 jobs over the last four years, and is a large hub for employers in the continuously growing technology, manufacturing and health care industries," he added.

The 55-acre property, owned for decades but never developed by the Cuneo family, was annexed into the village in 1986.

Village leaders provided a $20 million incentive to Regency Centers, the Florida-based company that brought the project to town.

The name of the retail portion of the development is a nod to the Hawthorn Mellody Farm operated by the Cuneo family. It has room for 50 retailers, including more than a dozen restaurants.

Mellody Farm opened in October 2018.