Passco Acquires 260-Unit Multifamily Community in Vernon Hills, Illinois
VERNON HILLS, ILL. — Passco Cos. has acquired The Atworth at Mellody Farm in Vernon Hills, a northern suburb of Chicago. The 260-unit multifamily community was developed in 2018 adjacent to Mellody Farm, a dining and retail destination. The Atworth’s seven-acre site is divided into several common areas in order to create a resort-style feel. The common areas include: The Conservatory, a two-story lounge with complimentary coffee, Wi-Fi, computer and televisions; The Courtyard, which features a pool and sundeck; The Game Loft, home to billiards, shuffle board, table tennis and foosball; and The Tasting Room, which features seating arrangements for casual or formal events. Additional amenities include a bike room, fitness center, yoga room and pet grooming stations. Units range in size from 556 to 1,465 square feet. The property was 97 percent occupied at the time of sale. A venture between AEW Capital Management, Focus and Atlantic Residential was the seller. Peter Evans and Richard Evans of Moran & Co. Midwest represented both parties in the transaction. Caleb Marten and Chris Black of KeyBank Real Estate Capital arranged $57.2 million in fixed-rate Fannie Mae financing for the acquisition.