JLL has arranged the $25 million sale of FourNorth Apartments, a boutique multifamily community in Arlington Heights, Illinois. The property totals 76 residential units and was marketed as a boutique offering within the local apartment market.
JLL worked exclusively on behalf of the seller, Benchmark Developers, in completing the disposition to a private investor. The firm’s Capital Markets Investment Sales and Advisory team representing the seller was led by Bill Baumann, David Gaines and Sam Grohe, who handled marketing and negotiations for the transaction.
Delivered in 2024, FourNorth Apartments features studio, one-bedroom and two-bedroom floor plans, with units averaging 796 square feet. The five-story, pet-friendly building is reported to be 95% occupied, indicating strong resident demand at the property.
The community is located at 4 North Hickory Road, within walking distance of shops, restaurants and entertainment options in Downtown Arlington Heights. According to Baumann, investor interest in FourNorth Apartments was driven by the quality of the asset and its location in Arlington Heights, which he described as an affluent northwest suburb of Chicago with strong multifamily market fundamentals and limited new supply, including only one other property delivered in the past five years.
The sale underscores ongoing investor focus on newer, well-leased suburban multifamily assets in established locations. For Benchmark Developers, the transaction marks the sale of a recently completed property, while the buyer, a private investor, gains a near-stabilized community in a walkable downtown setting within the Arlington Heights market.
