High Street Residential, the residential subsidiary of Trammell Crow Company (TCC), and joint venture partner The Carlyle Group announce the sale of Park 205, a three-story Class "A" 115-unit apartment community, designed by ESG Architects, in Park Ridge, IL, to L&B Realty Advisors, LLC.
“High Street Residential and The Carlyle Group recognized the absence of any recent apartment deliveries in Park Ridge, as well as the strength of the transit-oriented, amenity-rich location as the basis for this investment,” said Grady Hamilton, Managing Director of TCC’s Chicago Business Unit. “We enjoyed working closely with The Carlyle Group, the City of Park Ridge, and neighboring stakeholders to create a best-in-class residential community. We believe the project’s planning and entitlement process with the City of Park Ridge created an outcome that fits very well into the community and has already become a great place to live for its new residents.”
Construction of Park 205 was completed in Q4 2015. The project is registered with the certification goal of LEED® Silver. Currently there are no other completed LEED® Certified™ multi-family projects in Park Ridge.
“The early leasing success enjoyed by Park 205 affirms our going-in expectations that a design-forward, luxury project with considerable resident amenities would succeed based on the unique location and abundant amenities that Park Ridge has to offer,” said John Carlson, Principal with TCC’s Chicago Business Unit. “We couldn’t be happier to hand Park 205 off to an institution like L&B. They were great partners in this process and have amassed a high-quality portfolio of core product in irreplaceable locations across the United States. We are happy Park 205 has become a part of L&B’s successful investment history.”
The project offers one bedroom, one bedroom plus den, two bedroom, two bedroom plus den and three bedroom units. Amenities include a pool and sun deck with outdoor fire pits and cabanas, club room, Wi-Fi coffee lounge, fitness center, business center, dog spa, guest suite, bicycle storage, and covered/heated parking.
“We are pleased with the success of our Park 205 investment, representing a quality property in an attractive location, aided by our partner’s great execution throughout,’’ said Tom Levy, Principal with Carlyle Realty Partners. “This outcome is a good example of Carlyle’s asset-by-asset, market-by-market approach to multi-family, and Park 205 is in good hands with the capable team at L&B.”
Park 205 is adjacent to the new Whole Foods Market and minutes from Uptown Park Ridge, a dynamic town offering a variety of entertainment options. The project is located five miles northeast of O’Hare International Airport, within minutes of major federal expressways – Interstate 294, Interstate 94 and Interstate 90 – and is within walking distance to the Park Ridge Metra Station, connecting the residential community to Chicago’s CBD within 30 minutes.
Executive Vice President, John Jaeger of CBRE Group, Inc., represented the seller in the transaction.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 fund of funds vehicles as of September 30, 2015. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,700+ people in 35 offices across six continents.
About High Street Residential
High Street Residential, a wholly-owned operating subsidiary of Trammell Crow Company, specializes in the development of multifamily housing. We have a deep background in urban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities. Over the past decade, the Company has completed 5,000 units in over $1.2 billion in value with a current pipeline of more than 4,500 units valued at $1.8 billion.