TLC Management, a Chicago-based company that exclusively owns and operates each of its rental communities, has purchased a Vernon Hills apartment complex for $100 million, marking the biggest suburban multifamily trade so far this year.
Investor Stuart Handler’s Chicago-based company acquired The Mil’Ton, a 294-unit, three-building property at 1155 Museum Boulevard, from financial Mesirow, reported Crain’s. Mesirow purchased the apartments in 2018 for $87.1 million, and listed the property for sale earlier this year with CBRE’s John Jaeger, Justin Puppi, Jason Zyck, Jillian Jaeger and Tricia Carolan.
Built in 2004, the seven-story complex was 94 percent occupied at the time of the sale. The firm rebranded the complex to The Majestic Luxury Apartments after upgrading amenities and a series of renovations. The property offers one-, two- and three-bedroom apartment homes and features a gym, tennis court, steam room, sauna, swimming pool, spa treatments, hot tub, cinema room and communal gardens.
The post Chicago-Based TLC Management Pays $100M for Vernon Hills Apartments appeared first on Connect CRE.