CHICAGO – Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced it has brokered the $26.4 million sale of The Manors at Brookmere, a 108-home build-to-rent (BTR) community located in Matteson, Illinois, a south Chicago suburb. Originally developed in 2016 by national homebuilder Lennar, the transaction represents one of the first sales of a stabilized BTR community in the Chicagoland region.
Cushman & Wakefield’s Brad Smith, Jack Maloney and Anna Lovell represented the seller, Haven Realty Capital. The buyer was a joint venture between Ashland Capital and Crest Capital.
The property at 4962 Bennett Drive consists of a collection of contiguous quadplex buildings offering spacious, two-story residences with two- and three-bedroom layouts. Community features include private entrances, attached one- and two-car garages, vaulted ceilings in living areas, stainless steel appliances and in-unit Whirlpool washers and dryers.
"We are seeing a meaningful shift in investor interest toward Chicagoland, driven by fundamentals that stand out favorably on a national level,” said Brad Smith, Managing Director at Cushman & Wakefield. “Manors at Brookmere is uniquely positioned in a supply-constrained market with limited availability of new, large-floorplan rental housing."
The Manors at Brookmere is located approximately 35 minutes south of downtown Chicago and offers convenient access to Interstates 57 and 80, as well as proximity to Metra commuter rail service providing direct connectivity to the Loop. The property is within 15 minutes of major employers such as Amazon, Ford Motor Company and the University of Chicago Health System’s Flossmoor campus. It also benefits from nearby national retailers including Target, Home Depot, Planet Fitness, and Chipotle.
"The property is poised for continued rent growth, and we are proud to have facilitated one of the first stabilized built-to-rent transactions in the Chicago market," Smith added.
