Offering Summary
Jones Lang LaSalle Americas (Illinois), L.P. (JLL), is pleased to present Ovaltine Court Apartments, a charming traditional and loft apartment community in West Suburban Chicago’s thriving Village of Villa Park in DuPage County. Ovaltine Court offers a variety of in-demand layouts across buildings from spacious one-bedroom to two-bedroom lofts & townhomes. The community offers the best of both city and suburban living with thoughtful finishes, generous floor plans, ample storage, and a resort style amenities package.
Ovaltine Court is situated just off I-83, the main thoroughfare for Villa Park, with immediate access to restaurants, entertainment, offices, grocery retailers, and unmatched outdoor recreation making it a top destination for renters.
Investment Highlights
One-of-a-Kind Asset
- Modern rental community with large average unit sizes
- Excellent floor plan optionality with both traditional-style and loft-style one to two-bed offerings catering to any and all renters
- Value-add upside with significant room to push rents
- Thoughtful apartment finishes, ample storage, private patio/balcony, and high ceilings
- Luxury resort-style amenities highlighted by an outdoor pool, state-of-the-art fitness center, and exclusive clubhouse lounge
- Over the last 5 years Ownership has spent ~$1.6 million on property improvements and unit upgrades
Fantastic Property Performance
- Effective rents on last 25 leases posted $2.29 PSF, a 9% increase over in-place rents
- Strong 95% Average Occupancy (2018 - Present)
- 11% rent growth on new leases and renewals over the last 12 months
- 13% Resident Rent-to- Income Ratio provides plenty of runway for rent growth
- On-site amenity retail
Path-of-Growth Location
- Immediate access to I-83 corridor featuring new hubs for Amazon, Wayfair, and WeatherTech HQ
- Situated at the center of all-stop shops, fast-casual eateries, & national grocery chains
- Minutes from Great Western Trail, Illinois Prairie Path, Elmhurst Crossing, and the Metra and Amtrak train lines
Stellar Submarkt Performance
95%
Projected 5-Yr Avg. Submarket Occupancy
6%
YoY Effective Rent Growth in Submarket
132%
3-Yr Positive Net Absorption Indicates Strong Demand for Rental Product in Central DuPage County
Unique Asset with a Rich History
The Ovaltine Factory served as the economic lifeblood for the VIllage of Villa PArk for 70+ years before being converted to a modern garden and loft apartment community.
Investment Contacts
Mark Stern
Managing Director
312.6228140
mark.stern@jll.com
Zach Kaufman
Director
847.830.8883
zach.kaufman@jll.com
Financing Contacts
Although information has been obtained from sources deemed reliable, JLL does not make any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. JLL does not accept any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement with JLL regarding this matter, this information is subject to the terms of that agreement. ©2023. Jones Lang LaSalle IP, Inc. All rights reserved.
