WILLOWBROOK, IL—TGM Associates has purchased the 712-unit Communities of Ascot Glen apartment community here for $101 million.
HFF marketed the property on behalf of an unnamed seller, and also secured a $75 million 10-year, 3.745 percent fixed-rate loan through M&T Realty Capital Corporation (FNMA). The 95-percent occupied property is at 6060 Laurel Lane along Highway 83.
The new owner has changed the name of the property to TGM Willowbrook Apartments. Some of the apartments were partially renovated in 2010, and the community features one- and two-bedroom floor plans averaging 847 sq. ft. each in 76 two-story buildings. Community amenities include two spacious fitness centers, two clubhouses , three outdoor swimming pools, three tennis courts, sand volleyball court, game room, business center and dog walking trails.
The HFF investment sales team representing the seller was led by Executive Managing Director Matthew Lawton, Managing Directors Marty O’Connell and Sean Fogarty and Associate Director Wickliffe Kirby. HFF’s debt placement team representing the buyer was led by Managing Director Matthew Schoenfeldt and Senior Real Estate Analyst Jason Bond. TGM has invested in more than $1.8 billion in 117 multifamily residential properties throughout 28 states.