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American, M&R To Develop Multifamily Project

DOWNERS GROVE, IL-The Residences at the Grove is a 294-unit apartment and row-home complex with three buildings and 24 row homes.

By Gina Kenny | Updated on September 19, 2007

(Read more on the multifamily market.)

DOWNERS GROVE, IL-A joint venture between American Realty Advisors, based in Glendale, CA, and M&R Grove Residential LLC, an affiliate of Chicago-based Moran & Co., acquired a 16-acre site at the northwest corner of Butterfield Road and Interstate 355 and has plans to develop an apartment and row home project at the site. A sales price was not disclosed but other sites in the area have sold in the range of $22 per buildable sf to $28 per sf.

The Residences at the Grove will consist of 294 apartment units in three mid-rise buildings and 24 row homes with attached two-car garages in addition to a semi-subterranean level of parking. An estimate for the cost of the development was not disclosed.

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