JVM Realty paid $89 million for a luxury apartment complex in La Grange, adding to its growing residential portfolio in the Chicago area.
The Oak Brook developer acquired the 254-unit Uptown La Grange from Minneapolis-based Opus Group, which built the complex in 2017. The complex is located at 31 E. Ogden Ave.
Along with the sale, JVM landed a $61 million construction loan from Axa Equitable Life Insurance, property records show. Crain’s first reported on the sale last month without the price or loan amount.
Units range from $1,700 per month for a studio, to $4,000 a three bedroom, according to Zillow.
This is the fifth luxury apartment complex JVM has invested in the Chicago area, according to recent reports. Those include Aventine in Oakhurst North in Aurora, Avant at the Arboretum Apartments in Lisle; the Enclave at 127 Apartments in Plainfield; and the Randall Highlands townhomes in North Aurora.