Offering Summary
Jones Lang LaSalle Americas (Illinois), LP. ( JLL) is pleased to present Westmont Village Apartments, a newly renovated 558-home garden-style apartment community with proven value-add upside. Westmont Village Apartments is located in a premier Chicago suburb that attracts families and young professionals with access to top employers, excellent schools, leading healthcare and abundant retail.
Westmont Village Apartments has undergone significant recent renovations with the opportunity for new ownership to continue the verifiable value-add program. Current ownership has spent $8.4 million on exterior and interior unit renovations including brand new balconies, updated kitchens, bathrooms, and flooring.
Investment Highlights
Best-In-Class Apartment Community
- Institutionally Managed Since 2016
- Verifiable value-add with ~$225 rent premiums for 34% of the property already renovated
- Recently upgraded, in-demand amenities highlighted by resort-style pool, sun deck, modern clubroom, and fitness center
- Available well below replacement cost
Fantastic Property Performance
- 94% Occupied
- 12%+ Effective Growth on New Leases
- 6.5%+ Effective Growth on Renewals
- Average Occupancy since 4Q2020 has been 95%
Robust Submarket Fundamentals
- 8.2% YoY Effective Rent Growth
- 95%+ Projected 5-Year Average Occupancy
- 4.9% Projected 3-Year Rent Growth
Path-of-Growth Location
- DuPage County is the #1 county to live in Illinois (Niche 2023)
- Direct Access to I-88 Job Corridor and Top Employers
- Neighbors nearby Retail and Grocery including, Mariano's, Walgreens, Aldi, Whole-Foods, Jewel-Osco, Best-Buy, Walmart, and more
- ~20 Minutes to Yorktown Center, Oakbrook Center, and Morton Arboretum
- Downers Grove South High School "A" rating (Niche 2023)
- Westmont Average House Hold Income is $122,000
- One property under construction within a 5-mile radius
Capital Improvements
- Previous ownership (pre-2018), spent $10.7 million on the property in the form of exterior and interior enhancements
- Current ownership has spent ~$8.4 million on property upgrades, which includes new balconies, expanding on Clubhouse amenities, interior unit renovations, and more.
Investment 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.
