Transaction is second-largest new-construction sale in DuPage County this year
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of Winfield Station, a new 162-unit transit-oriented rental community developed and constructed by Synergy Construction Group at 0S080 Winfield Road in Winfield, Ill., about 35 miles west of Chicago. The property sold for $44.25 million, or $273,148 per unit, making it the second-largest apartment transaction in DuPage County this year by number of units and price per unit, according to CoStar.
Interra co-founders and Principals Jon Morgan and David Goss, together with Senior Managing Partner Joe Smazal, represented the seller, an affiliate of Chicago-based Synergy Construction Group, which completed Winfield Station in August 2021. This is the second sale brokered by Interra on behalf of Synergy in less than six months, the first being Panton Mill Station in South Elgin, Ill., for $24.5 million in October 2021. Interra also procured the buyer for Winfield Station, Mango Shadow LLC, which acquired the property in an off-market transaction and was represented by Interra Managing Partner Patrick Kennelly and Director Paul Waterloo.
“Investors will pay a premium for Class A multifamily properties in DuPage County because there’s a scarcity of newly constructed, amenity-rich developments in the immediate area,” said Morgan. “The buyer was in a 1031 exchange and wanted to reinvest equity from a multifamily sale in the Southwest in a newly constructed suburban asset in the Chicago area as part of a strategy to add to its local holdings.”
“Attesting to the hunger for luxury rental units in this market, we started leasing in August 2021 and were almost fully leased by February 2022,” said Phil Domenico, principal of Synergy Construction Group. “About 10% to 15% of the tenants are employed by nearby Northwestern Medicine Central DuPage Hospital and can walk to work. Others run the gamut from young professionals to empty nesters who’ve sold their home and are figuring out their next step. We’re thrilled with the success of this development and look forward to doing more.”
Winfield Station includes 15 studio, 89 one-bedroom and 58 two-bedroom residences, which were 82% occupied at the time of sale. Units have wood flooring, high ceilings and walk-in closets, as well as a patio or balcony. On-site amenities include a resident lounge area called The Clubhouse, business and fitness centers, and an outdoor pool and kitchen.
The apartments are located less than a half-mile from Northwestern Medicine Central DuPage Hospital and near the DuPage County Courthouse. Winfield Station is served by Pace buses and steps to the Winfield Metra station.
About Interra Realty:
Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $1 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit interrarealty.com.
