Marquette Companies secured a $56.5 million acquisition loan for a 579-unit rental complex in Elk Grove Village.
In April, Marquette teamed up with JPMorgan Investment Management to buy the development, called Willow Crossing for $80 million, or $138,000 per unit. The complex is located at 1030 Charlela Lane.
Wells Fargo provided the loan, which has a five-year term. Part of the proceeds will go to renovations.
HFF’s Matthew Schoenfeldt advised on the deal.
Irvine, California-based Steadfast Income REIT bought Willow Crossing in November 2013 for $58 million, according to Crain’s. It renovated the complex before selling it to the Marquette/JPMorgan venture.
Marquette has a portfolio of more than $1 billion, including mixed-use properties and more than 11,200 rental units under management.
Among its projects are a planned 14-story, 263-unit residential building at 180 North Ada Street in Fulton Market in Chicago that it is developing for Sterling Bay.
The Willow Crossing deal was among a number of large suburban apartment transactions recently, including Dayrise’s $104 million deal for a Hoffman Estates complex and Azure Partners’ pickup of a Wheeling complex for $72 million.
Invesco is looking to get in on that market, recently hiring HFF to sell the Wheaton 121 complex it bought in 2014 for $95.8 million.
According to a recent report from Marcus & Millichap, suburban rents grew 6.9 percent last year and were expected to rise significantly in 2018.