JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced it has acquired Randall Highlands, a 146-unit luxury rental townhome community in North Aurora, Ill., one of the western suburbs of Chicago. JVM Management, Inc. will manage the community.
Built in 2013, Randall Highlands is part of JVM's growing suburban Chicago portfolio. The company owns and operates three other apartment communities in the Chicago metropolitan area and is set to close on its acquisition of a fifth property in the market later this year. At Randall Highlands, JVM will make some light enhancements to the property to differentiate the community from its competitors.
"This property is an exciting addition to our portfolio," said Jay Madary, president and CEO of JVM. "It has many outstanding attributes, and we are big believers in the stability of the suburban Chicagoland apartment market. Additionally, our experience and expertise in the Chicago area will position us to optimize property performance and revenue. We are convinced that all of the factors are in place for this community to thrive and to deliver strong returns to our investors."
Randall Highlands is in the heart of a suburb that has experienced a significant uptick in retail and commercial development in recent years. Located just 1.5 miles from I-88, it offers easy access to downtown Chicago and north-south highways such as I-355 and I-294. It is a less-than-15-minute drive from the nearest train station, allowing residents who want to use public transportation for their commute to easily do so.
North Aurora is located in the Illinois Technology and Research Corridor, which serves as the second largest employment base in the metro area outside of downtown Chicago. Major employers near Randall Highlands include FermiLab, Caterpillar and Rush-Copley Medical Center. Residents also have several nearby grocery and retail options, including Target, ALDI and Walgreens. Furthermore, Chicago Premium Outlet Mall – which includes over 170 stores such as Nike, Coach, Tommy Hilfiger and Kate Spade – is only a short drive away.
Community amenities at Randall Highlands include a zero-depth entry pool with surrounding sun deck, a clubhouse with catering kitchen and coffee bar, a business center with a conference room, a playground and a 24-hour fitness center.
Randall Highlands offers two- and three-bedroom townhomes. The units feature 9-foot ceilings, stainless steel appliances, granite countertops, plank flooring, walk-in closets and full-size washers and dryers. The homes also include attached garages, private patios and balconies.