**Suburban Chicago Apartment Complex Sells for $88 Million**
An affiliate of Nuveen, the global investment manager headquartered in Chicago, has acquired a luxury apartment complex in La Grange, Illinois, for nearly $88 million.
The property, known as Uptown La Grange, is a five-story, 254-unit residential building located at 31 E. Ogden Avenue in the western suburb. The seller, JVM Realty based in Oak Brook, completed the transaction last month. CBRE’s John Jaeger, Justin Puppi, and Jason Zyck represented JVM Realty in the deal.
The complex offers a mix of studio, one-bedroom, two-bedroom, and three-bedroom units. According to market data, the suburban apartment sector maintains a strong occupancy rate of 97.8%.
Strategically situated at the intersection of LaGrange Road and Ogden Avenue, Uptown La Grange benefits from proximity to a variety of retail and dining amenities. The site previously housed a YMCA, which operated at the location for nearly 60 years until it closed in 2007. After demolition of the former structure, the property was redeveloped into a modern luxury residential community.
This significant sale highlights continued investor interest in suburban multifamily assets within the Chicago metropolitan area.
