Overview
Built in 2023, Willow Glen Lofts is a distinguished 224-unit apartment community located in the highly desirable Chicago suburb of Willow Springs, IL. The asset offers a mix of multifamily and townhome units, strategically positioned to provide immediate access to transportation options, top-tier employment centers within a 15-minute drive, and national retailers within a 10-minute drive. Willow Glen Lofts attracts an affluent and dynamic tenant base, boasting an average household income of $132,319 and nearly 50% of households aged between 22 and 33 years old. Designed to cater to discerning young professionals, the community offers modern living spaces that are perfectly situated near key employment hubs, convenient transportation, and vibrant neighborhood amenities.
The property is uniquely poised for future growth, due to the scarcity of new construction supplies and high barriers to entry. Surrounded by thousands of acres of nature preserves, Willow Glen Lofts provides a tranquil living environment while maintaining close proximity to urban conveniences. This rare combination of factors ensures strong demand and long-term viability, making Willow Glen Lofts an unparalleled investment opportunity.
Property Video:
Investment Highlights
Best In Market Apartment Community in Path of Growth Location
- Attractive unit mix offering multiple price points, attracting diverse tenant base – ones, twos, and two bed townhomes with attached garages
- Luxury amenity package including dedicated work-from-home areas, a resort style pool with sunchairs and grilling stations, a club room equipped with a full-size kitchen, and a state-of-the-art fitness center
- Renters by choice average 23% rent wallet share for existing tenants
- Immediate access to 101,799 jobs within a 15-minute radius, including major employers like Northwestern Medicine, UPS, and Advocate Health Care
- Exceptional connectivity 3 blocks to Metra, direct highway access, and proximity to national retailers (Target, Starbucks, Lifetime Fitness) and recreational amenities
Strong Operational Upside
- Mitigated Cook County tax assessment risk in place TIF caps RE taxes for nine years at $3,800/unit
- Strong spring lease trade outs 4.3% lease trade outs on 22 renewals and new leases in April
- T-3 average operating income increased by $46,466 YoY (+9.6%), driven by a 10.5% rise in net rental income
- Significant reductions in:Bad debt: $65.3% ($9,099) Concessions: $74.4% ($27,002) Vacancy: $27.9% ($15,525)
Continued Rent Growth Potential
- 57% of residents earn over $100K annually and 47% of tenants are aged 22–33, demonstrating demand from high-earning young professionals
- Supply/demand imbalance positions the asset to capture outsized rent growth - lack of new construction product proven by Willow Glen being the only Class A property within 3 miles through 2029 while growth in the potential tenant base is 6%
- Supply-constrained submarket surrounded by forest preserves, industrial zones, and transit infrastructure
- Despite 1,402 new units delivered over the past four years, rents grew 30.2% cumulatively while occupancy remained above 95%, underscoring sustained demand
- Opportunity for more professional Property Management to take over operations
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