Passco acquires 260-unit multifamily property adjacent to Mellody Farms

06 January 2020

Passco Companies, a privately held, California-based commercial real estate company, has acquired The Atworth at Mellody Farm, a 260-unit luxury multifamily community in Vernon Hills, Illinois, from AEW Capital Management, Focus and Atlantic Residential. Terms of the deal were not disclosed.

The apartment community was developed in 2018 adjacent to Mellody Farm, an upscale dining and retail center destination within the affluent Lake County community in Chicago’s northern suburbs. The Atworth offers good walkability, high-end amenities, proximity to numerous local major employers and convenient commuting to downtown Chicago. Peter W. Evans and Richard G. Evans of Moran & Company Midwest represented both parties in the transaction.

“The Atworth at Mellody Farm is a strong addition to our portfolio, fulfilling all the criteria we look for when it comes to sourcing top-tier multifamily assets in premium locations positioned for growth,” said Jake Niles, director of acquisitions – west at Passco Companies. “High demand for this community was demonstrated by an unprecedented 10-month lease-up. Residents benefit from exceptional walkability to various destinations, including Whole Foods and other popular retail options, as well as frequent Metra rail services.”

The Atworth’s seven-acre site is divided into several community common areas to create a resort-style feel. These include: The Conservatory, a two-story lounge with complimentary coffee, Wi-Fi, a computer and printer, two televisions and a large fireplace; The Courtyard, which features a large swimming pool and sundeck with grilling stations, cabanas, hammocks and a fire pit; The Game Loft, equipped with billiards, shuffle board, table tennis, foosball and two large televisions and The Tasting Room with seating arrangements for casual or formal events and high-end appliances. Additional community features include a bike room, pet grooming stations, indoor parking garage and luxury fitness studio with state-of-the-art cardio machines and a yoga room.

The community offers 16 studio, 137 one-bedroom, 61 two-bedroom, 20 two-bedroom plus den and 26 three-bedroom units ranging in size from 556 to 1,465 square feet. Unit features include washer and dryers, quartz countertops, tile backsplashes, stainless steel appliances, roller shades, luxury vinyl plank flooring in two different color combinations and spacious walk-in closets. The Atworth at Mellody Farm, currently at 97 percent occupancy, is located near the intersection of Route 21 and Route 60 at 1111 N. Milwaukee Avenue in Vernon Hills.

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