JPMorgan buys 579-unit apartment complex in Elk Grove Village

JPMorgan Investment Management has acquired a 579-apartment complex in suburban Elk Grove Village for $80 million, or $138,000 a unit.

Irvine, California-based Steadfast Income REIT had renovated the Willow Creek complex at 1030 Charlela Lane after buying it in November 2013 for $58 million, according to Crain’s.

Steadfast refinanced its $44 million mortgage in 2015 with a new $58 million loan.

Willow Creek Apartments in Elk Grove Village (Credit: Marquette Management)

Willow Crossing is 88 percent occupied, according to Crain’s.

JPMorgan teamed up on the deal with Marquette, a Naperville developer that will manage the property.

Chicago brokerage KIG CRE advised on the sale of the property for Steadfast. [Crain’s] — John O’Brien