CHICAGO—Axiom Properties Inc. has just expanded its portfolio of Midwest apartment communities by purchasing Wessel Court, a 228-unit multifamily property at 1820 Wessel Court in suburban St. Charles for $20.8 million. The Shodeen Group was the seller and was advised by the CBRE investment sales team of John Jaeger, Dan Cohen and MJ Zaring.
The same team also advised Kinzie Realty Corp. in the sale of Fox Run Apartments, a community with 220 loft and apartment homes at 145 Walnut Dr. to Windy City RE LLC for $17.4 million. Windy City RE LLC has bought 1,200 apartments in the past year.
“The fundamentals of the multifamily market continue to be strong and we should see this trend continue for the foreseeable future,” says Jaeger, executive vice president. “The Fox Valley region, in particular the communities of St. Charles and Geneva, have performed very well, as our team has closed five deals in these markets within the past two years.”
Fox Run Apartments has four, four-story buildings, each with 55 units and a total of 191,680 square feet net rentable space. Wessel Court has 191,900 square feet of total net rentable space and is the third property CBRE has sold for The Shodeen Group.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
