CHICAGO—Rockwell Partners recently completed the $30.5 million acquisition of Mont Clare Apartments, a mixed-use property in suburban Harwood Heights that includes 281 units and about 21,000 square feet of commercial space. Located 10 miles northwest of Chicago, the property consists of two 12-story towers connected by a first-floor lobby.
“We found it to be a very active submarket,” principal Jason Fishleder tells GlobeSt.com. What made the property especially appealing was its location at the major intersection of Harlem Ave. and Gunnison St., an area with a good number of healthy retail options, including Harlem Irving Plaza. A US Bank anchors Mont Clare's commercial space.
Apartments at the complex include a mix of studio, one, and two-bedroom floor plans. Property amenities include a 24-hour fitness center, outdoor pool with sun deck, clubroom, business center, private multimedia theater, and underground parking. The Mont Clare is also located close to the I-90 expressway, CTA Blue Line and O'Hare Airport.
“The building went through a very significant rehab about ten years ago,” Fishleder says, and that increased its appeal, although the company will still renovate some units. The common and amenity spaces are a bit tired, and that gives Rockwell an untapped value-add opportunity. “We can breathe new life into these areas.”
However, “this is not a class A building,” he adds. “There is an amenities' war going on in class A buildings in Chicago, and we're not looking to take part in that.”
This is not the first time that Chicago-based Rockwell has been attracted to a suburban development. Last year it acquired a portfolio of 305 condominium units at Stonegate Condominiums in Glendale Heights, IL, approximately 30 miles west of Chicago. And in 2013, it also purchased Ellyn Crossing Apartments, a 420-unit apartment community located directly across the street from Stonegate Condominiums.
Fishleder also says that Rockwell is in for the long haul. “We're a buy and hold company.”
CHICAGO—Rockwell Partners recently completed the $30.5 million acquisition of Mont Clare Apartments, a mixed-use property in suburban Harwood Heights that includes 281 units and about 21,000 square feet of commercial space. Located 10 miles northwest of Chicago, the property consists of two 12-story towers connected by a first-floor lobby.
“We found it to be a very active submarket,” principal Jason Fishleder tells GlobeSt.com. What made the property especially appealing was its location at the major intersection of Harlem Ave. and Gunnison St., an area with a good number of healthy retail options, including Harlem Irving Plaza. A
Apartments at the complex include a mix of studio, one, and two-bedroom floor plans. Property amenities include a 24-hour fitness center, outdoor pool with sun deck, clubroom, business center, private multimedia theater, and underground parking. The Mont Clare is also located close to the I-90 expressway, CTA Blue Line and O'Hare Airport.
“The building went through a very significant rehab about ten years ago,” Fishleder says, and that increased its appeal, although the company will still renovate some units. The common and amenity spaces are a bit tired, and that gives Rockwell an untapped value-add opportunity. “We can breathe new life into these areas.”
However, “this is not a class A building,” he adds. “There is an amenities' war going on in class A buildings in Chicago, and we're not looking to take part in that.”
This is not the first time that Chicago-based Rockwell has been attracted to a suburban development. Last year it acquired a portfolio of 305 condominium units at Stonegate Condominiums in Glendale Heights, IL, approximately 30 miles west of Chicago. And in 2013, it also purchased Ellyn Crossing Apartments, a 420-unit apartment community located directly across the street from Stonegate Condominiums.
Fishleder also says that Rockwell is in for the long haul. “We're a buy and hold company.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
