A Chicago investor has paid $100 million for a 294-unit apartment complex north of the city, the highest-priced suburban sale thus far in 2025.
An affiliate of TLC Management earlier this month bought The Mil’Ton, a three-building complex at 1155 Museum Blvd. in Vernon Hills, Illinois, according to online property records.
The seller was Chicago-based financial services firm Mesirow, which bought the trio of seven-story buildings for $87.1 million in 2018, according to Lake County property records and CoStar data.
The property has been rebranded as The Majestic Luxury Apartments, according to CoStar data.
TLC Management’s big purchase is the latest sign of a thaw in multifamily property sales, despite long-running challenges such as high borrowing costs and worries about the broader economy.
Chicago-area values have been boosted by a slowdown in construction, which has led the area to the number-two ranking in rent growth among the nation’s top 50 markets, according to a CoStar analysis.
Relatively strong rents have led to a wave of large deals in Chicago’s suburbs since late 2024.
A combined $2.4 billion has been invested in Chicago-area multifamily properties year to date, compared with $3.9 billion all last year, according to CoStar data.
Last year’s total was pushed up by a flurry of significant deals in the final months, including a record $148 million sale of the 352-unit E2 complex in north suburban Evanston in December. Other late-2024 deals included a $109 million sale of the 417-unit Railway Plaza complex in west suburban Naperville and a $101 million-plus deal for the 306-unit Wheaton 121 building in west suburban Wheaton.
There also have been several major multifamily sales in the city in recent months.
The Vernon Hills sale comes after Mesirow hired CBRE brokers to seek a sale in March.
Built in 2004, the complex underwent renovations in 2018 to amenities including the clubhouse, fitness center, co-working, yoga and pool areas, according to CBRE materials.
It’s not known whether TLC, led by Stuart Handler, has additional changes in mind. TLC and Mesirow did not immediately respond to requests for comment from CoStar News.
The Vernon Hills complex is about 32 miles north of the Loop business district in Chicago.
It is 6.1% vacant, with asking rents of $2,997 per unit and $2.68 per square foot, according to CoStar data.
The property is alongside the sprawling Hawthorn Mall, whose owner has developed hundreds of apartment units in recent years.
Mesirow’s sale of the property follows an announcement in May that the firm has raised $1.245 billion for a fund to invest in multifamily properties in the nation’s top 25 to 30 markets. That is a 66% increase in commitments from a previous fund.
TLC is a large owner and manager of apartments in the Chicago area. In another recent deal, the firm paid $60.1 million for the 192-unit Top of the Mount apartment building in northwest suburban Mount Prospect.
For the record
The seller was represented by CBRE brokers John Jaeger, Justin Puppi, Jason Zyck, Jillian Jaeger and Tricia Carolan.