Berkadia Accomplishes Sale of Multifamily Community in Suburban Chicago
CHICAGO and MILWAUKEE – September 25, 2023 – Berkadia Institutional Solutions announced today the sale of The Oaks of Vernon Hills, a 336-unit luxury garden-style multifamily property located in Vernon Hills, Illinois. Senior Managing Director Pete Evans of Berkadia Chicago and Senior Director Richard Evans of Berkadia Milwaukee completed the sale on behalf of the sellers, Virginia-based Harbor Group International and New York-based Azure Partners, and the buyer, Nuveen Real Estate, also based in New York. The deal closed on September 11.
“With fantastic parties on both sides and collective synergy, we were able to achieve the goals of all in a most challenging market,” said Pete Evans. “The Oaks of Vernon Hills is a standalone suburban asset in a stellar location; it will continue to experience growth and continued success.”
Located at 103 Oak Leaf Lane, The Oaks of Vernon Hills features one-, two-, and three-bedroom floor plans. This 2015/16-built, 18-building, three-story luxury apartment and townhome community is the ultimate in suburban serenity. Blending 288 apartments with 48 townhomes, the property is desirably analogous to built-for-rent product. A sprawling setting on 31+ lush landscaped acres delivers low-density living and natural surroundings.
Luxe features, country club style amenities, and its unmatched locale have made The Oaks of Vernon Hills one of the most sought-after multifamily communities in Lake County. The Oaks holds court in the #1 Best School District in America (Niche.com, 2023), five minutes from the #6 Best High School in Illinois (U.S. News, 2023-2024) with surrounding prosperous demographics and ten Fortune 500 Companies, including Abbott Laboratories and Discover.
The property is mere minutes to retail, restaurants, play, and services, including Hawthorn Mall, Target, Walmart, Starbucks, Trader Joe’s, Half Day Forest Preserve, and the Vernon Hills Athletic Complex. Public transport is proximate: Vernon Hills Metra and Prairie View Metra.