California-based Passco Cos. recently bought The Atworth at Mellody Farm, a 260-unit luxury multifamily community in Vernon Hills, Ill. AEW Capital Management, Focus, and Atlantic Residential sold the property for an undisclosed sum. Peter W. Evans and Richard G. Evans of Moran & Company Midwest represented both parties in the transaction.
Vernon Hills is about 40 miles north of downtown Chicago. The apartment community was developed in 2018 adjacent to Mellody Farm, an upscale dining and retail center destination in the affluent Lake County community.
“The Atworth at Mellody Farm is a strong addition to our portfolio, fulfilling all the criteria we look for when it comes to sourcing top-tier multifamily assets in premium locations positioned for growth,” said Jake Niles, director of acquisitions, West, at Passco Cos. “High demand for this community was demonstrated by an unprecedented 10-month lease-up. Residents benefit from exceptional walkability to various destinations, including Whole Foods and other popular retail options, as well as frequent Metra rail services.”
According to census numbers, Lake County is the second richest county in Illinois. Dupage County, which is just east of Chicago, is No. 1. “Lake County offers outstanding demographics, an educated workforce, and exceptional school systems,” said Niles. There is relatively little new product in the pipeline, and growth potential is strong. “The county added more than 20,000 jobs over the last four years and is a large hub for employers in the continuously growing technology, manufacturing, and health-care industries,” he said.
The Atworth’s 7-acre site is divided into several community common areas to create a resort-style feel. These include The Conservatory, a two-story lounge with complimentary coffee. The Courtyard features a large swimming pool and sundeck with grilling stations, cabanas, hammocks, and a fire pit. The Game Loft is equipped with billiards, shuffle board, table tennis, and foosball. The Tasting Room offers seating arrangements for casual or formal events and high-end appliances. Additional community features include a bike room, pet grooming stations, an indoor parking garage, a fitness center, and a yoga room.
The unit mix includes 16 studio, 137 one-bedroom, 61 two-bedroom, 20 two-bedroom plus den, and 26 three-bedroom units ranging in size from 556 to 1,465 square feet. The units are fitted out with washers and dryers, quartz countertops, tile backsplashes, stainless steel appliances, roller shades, luxury vinyl plank flooring, and walk-in closets. The property is currently at 97% occupancy.
