JVM Acquires Maple & Main in Suburban Chicago and Prepares to Close Two Equity Funds. Together, the two funds will raise more than $115 million.
JVM has acquired Maple & Main, a 115-unit luxury apartment community in Downers Grove, Ill. The company also announced it will close its JVM Realty Apartment Fund 7 and JVM Multi-Family Premier Fund III funds to investment by the end of 2019. Combined, the funds are expected to raise more than $115 million.
“The acquisition of Maple & Main and the closing of these two funds mark an exciting end to a great 2019 for our company,” said Jay Madary, president and CEO of JVM. “Maple & Main is an outstanding asset located in suburban Chicago, one of our target Midwestern markets, and I’m confident it will perform very well and deliver the targeted returns to our investors. It’s in a highly desirable location and has exactly the kinds of features and amenities that meet the high expectations of today’s apartment residents.”
Maple & Main was completed in 2018 and will be managed by JVM Management Inc. JVM now owns and operates six apartment communities in suburban Chicago.
Maple & Main is a transit-oriented development with a walk score of 88 – meaning “very walkable” – which is high for a suburban location. The community is located approximately 20 miles west of Chicago and is just two blocks from the Downers Grove Metra train station, where residents can take a 35-minute express train to downtown Chicago. Maple & Main also offers easy access to I-355 and I-88 and is less than 35 minutes from both of the major airports in metro Chicago.
Community amenities at Maple & Main include a fitness center, a yoga room, a rooftop sky lounge and terrace, a clubroom with an entertaining kitchen, work-from-home stations, a package room with refrigerated storage, a pet spa and a heated pool surrounded by a sun deck with gourmet grilling stations. The ground floor of the community also features The FoxTail, a 4,289-square-foot restaurant that will be open in January 2020. Owned by a local company with other nearby successful establishments, the restaurant will generate income that will add to the performance of the property and will provide another amenity for residents.
Maple & Main offers one-, two- and three-bedroom homes as well as studios. The units feature 9-foot ceilings, Whirlpool stainless steel appliances, quartz countertops, smart-home technology, plank flooring in all living areas, large walk-in closets and full-size washers and dryers. The homes also have private patios and balconies. Select homes have 14-foot ceilings.
Fund 7 and Premier Fund III are currently co-invested in five apartment communities. The properties include The Landing at Briarcliff in Kansas City, Mo., Summit Ridge Apartments in Lee’s Summit, Mo., Randall Highlands in North Aurora, Ill., Uptown La Grange in La Grange, Ill., and Maple & Main. The total acquisition cost of the five properties was $291.4 million.