NEW YORK, Nov. 14, 2017 /PRNewswire/ -- TGM announced today the acquisition of TGM Danada, a 600-unit garden style apartment community in Wheaton, IL.
The property, completed in 1991, is comprised of 27 residential buildings built on a 45-acre site. The unit mix offers one, two, and three bedroom apartments. Among the distinctive attributes of TGM Danada are its market leading amenities and prime location with convenient access to shopping, entertainment and major employment centers that today's renters demand. The property has attractive amenities with two heated swimming pools, an oversized clubhouse, multiple fitness centers, an outdoor kitchen with adjoining fire pit and lounge, spacious dog park and an indoor pet spa. Residents also have full access to a tennis court, sand volleyball court and business center. TGM will materially upgrade the fitness centers and pool decks with state-of-the-art equipment and resort style furniture. TGM will also complete the renovation of all apartment interiors with new kitchen cabinets, countertops, appliances, lighting and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen.
TGM Danada is conveniently located within a few miles of the I-88 East-West Tollway with over 40 million square feet of high quality office space that is occupied by a diverse group of Fortune 500 companies - Caterpillar, Nestle, Crate & Barrel, McDonalds, JP Morgan Chase and State Farm Insurance to name a few. Less than 30 miles west of Chicago and a short drive from the Wheaton Metra station, residents benefit from a lower cost of living and a hassle-free commute. In addition to its accessibility to a plethora of major employment concentrations, its prime location also offers residents with unique walkable access to a myriad of retail amenities. TGM Danada residents have the ease of walking to upscale retail choices such as Whole Foods, Jewel-Osco, Starbucks, Banana Republic, Jos. A Bank's, Talbots, Studio Movie Grill and several fast-casual dining options in adjacent shopping centers.
"We are pleased to expand our footprint in Chicagoland with the acquisition of TGM Danada. TGM is particularly attracted to this area because it is a high barrier to entry submarket with unparalleled accessibility to major employers, retailers, nationally ranked schools, key regional suburbs and downtown Chicago," said Zach Goldman, Managing Principal and Director of Operations for TGM. TGM Danada is managed by TGMs' property management company, TGM Communities. Also owned and managed by TGM in the Chicagoland land area is TGM Park Meadows (Schaumburg), TGM Willowbrook (Willowbrook), TGM Springbrook (Aurora), and TGM McDowell (Naperville).
TGM Danada, formerly known as Crossings at Danada, was owned by Invesco Advisers, Inc. and managed by Lincoln Property Company. Brokering the transaction was John Jaeger, Executive Vice President and Dan Cohen, Executive Vice President at CBRE.
Founded in 1991, the TGM Group ("TGM") was organized to provide an integrated suite of asset and property management services to its investors through a series of fully integrated operating companies. Through its vertically and horizontally integrated operating companies, TGM specializes in acquisitions, property management, leasing, construction, property maintenance and asset management services. An affiliate of TGM provides property management services under the brand TGM Communities. As of September 30, 2017, TGM has invested approximately $2.7 billion in 132 multifamily properties throughout 28 states.
To learn more about TGM please contact John Gochberg, Managing Principal and Chief Executive Officer. Phone: (212) 830-9312, E-mail: jgochberg@TGMAssociates.com
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SOURCE TGM Associates