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CHICAGO, Nov. 21, 2022 /PRNewswire/ — JVM Realty Corp., a leading vertically integrated multifamily real estate investment and property management firm, announced today it has acquired Seasons at Romeoville, a 240-unit luxury apartment community in the Chicago suburb of Romeoville, from Fiduciary Real Estate Development, Inc. JVM will rename the apartment community to The Bluffs.
“We are thrilled to add another best-in-class investment opportunity to our growing portfolio,” said Jay Madary, president and CEO of JVM Realty Corp. “The combination of luxury, style and convenience this property provides, along with JVM’s award-winning management team delivering a superior resident experience, positions the property to perform at a high level for years to come.”
Located at 501 S. Weber Road in the family-friendly village of Romeoville, The Bluffs was built in 2021 and offers layouts ranging from junior one-bedrooms to three-bedroom, two-bathroom apartment homes. Residents enjoy spacious units with private direct entries, designer-inspired contemporary finishes including stainless steel appliances, quartz countertops, plank-style flooring, walk-in closets, luxurious spa bathrooms with glass shower enclosures and full-size washers and dryers. Many apartment homes come with an attached garage and private patio or balcony.
Expansive community amenities complete the 21-acre site with a fully equipped 24-hour fitness center, clubhouse with caterer’s kitchen, a pool with sundeck, an outdoor living room with grilling stations and a fireplace and a dog park and pet washing area.
The property is in Will County, 45 minutes southwest from downtown Chicago and provides residents with immediate access to I-55 and I-80 industrial and job corridors as well as a multitude of dining, shopping and entertainment options. Will County’s employment base has expanded considerably over the past decade and continues to grow at a rate well above the state and national average with three state-ranked hospitals and notable employers including Amazon, Wayfair, FedEx, WeatherTech and Lewis University.
Fiduciary Real Estate Development has been an active seller this year. “We picked JVM as a buyer as we recently concluded a prior transaction with them with one of our Wisconsin properties,” said Steve Bersell, Chief Operating Officer of Fiduciary Real Estate Development. “Like our prior transaction with JVM, the Romeoville transaction went smoothly from offer to closing.”
The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Director Wick Kirby, Director Amanda Friant and Senior Director Kevin Girard.
“We are very thankful for the opportunity to work with Fiduciary on the disposition of this brand-new, best-in-class property in fast-growing Romeoville,” said Wick Kirby of JLL. “It was a pleasure to work with the JVM team and we have no doubt they will have great success with this fantastic acquisition.”
With this latest acquisition, JVM now owns and manages seven apartment communities in Illinois and 22 communities representing $1.6 billion in assets under management throughout the Midwest.
About Fiduciary Real Estate Development, Inc.
Fiduciary Real Estate Development, Inc. (“FRED”) is an award-winning developer and real estate investment management firm, focused on the market rate multifamily apartment asset class. Founded in 1985 and based in Milwaukee, Wisconsin, FRED currently owns and manages more than 8,000 market rate apartments across multiple states, and continues to expand throughout the United States. As a fully integrated real estate company, FRED offers a wide array of development, construction, investment, and management services. For more information, please visit www.fred-inc.com.
About JVM Realty Corp.
JVM Realty Corporation is a respected name in the Midwest as a leader in multifamily real estate investment and property management. Since 1975, JVM has been committed to excellence and integrity and strives to be the preferred choice for its investors, residents, and associates. Based in Oak Brook, Illinois, JVM operates a $1.6 billion multifamily portfolio in the Greater Midwest, including Illinois, Indiana, Kansas, Missouri and Wisconsin. For more information, please visit www.jvmrealty.com.