Laramar Group Purchases 216-Unit Multifamily Property in Chicago Suburban Market

The Laramar Group, a leading national real estate investment and property management company, has acquired Covey at Fox Valley, a 216-unit multifamily community at 2160 Walcott Road in Aurora, IL, a Chicago suburb.

“The Chicago suburbs are attracting significant multifamily investment due to its strong demographics and the presence of major employers,” said Ben Slad, Senior Vice President of Investments for Laramar. “As renters in many demographic groups increasingly move outward from the city, they are looking for well-located suburban properties that provide outdoor space, larger living spaces and proximity to employment centers.”

Laramar purchased the property as a value-add opportunity and is starting interior and exterior renovations to enhance the property’s visibility in the marketplace. The company will complete interior upgrades to the kitchens, baths, flooring, appliances and lighting, as well as exterior upgrades to the clubhouse and pool. The upgrades will also include adding smart-home technology options to further differentiate the property in the marketplace.

The property is located off of Ogden Avenue, a major thoroughfare through Chicago’s western suburbs, and just west of Eola Road in Aurora, IL. The complex is adjacent to Rush Copley Medical Center, part of the Rush University System, a 210-bed hospital and the largest employer in Aurora. The property is also close to Fox Valley Mall and other regional and local retail properties, as well as multiple golf courses and parks.

The two-story, garden-style complex was constructed in 1988 and includes an even mix of two-bedroom, one-bath units with 860 square feet and two-bedroom, two-bath units with 1,035 square feet. All apartments have in-unit laundry and a patio or balcony.

The property includes a heated outdoor pool, fitness center, picnic areas with grills, tennis courts, a sand volleyball court, and outdoor space with direct access to Waubonsie Valley Bike Trail. The property is pet friendly.

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Founded in 1989, Laramar Group is a vertically integrated and distinguished national real estate investment and property management corporation with a multi-billion dollar portfolio. For over 30 years, Laramar has delivered an unparalleled level of service to the real estate industry. Laramar has specialized in managing and acquiring multifamily properties throughout its entire company history. The company manages a wide range of properties from high-rise urban to smaller urban neighborhood to suburban garden-style properties and has a presence in over 20 markets from coast to coast. Laramar maintains corporate offices in Chicago, and Denver.

Contact:
Anna Shea
Sr. Director of Marketing
303.991.2625