Cushman & Wakefield announced on May 15 it has brokered the $26.4 million sale of The Manors at Brookmere, a 108-home build-to-rent community in Matteson, Illinois. The property was originally developed by Lennar in 2016 and is described as one of the first sales of a stabilized build-to-rent community in the Chicagoland area.
The transaction involved Cushman & Wakefield’s Brad Smith, Jack Maloney, and Anna Lovell representing the seller, Haven Realty Capital. The buyer was a joint venture between Ashland Capital and Crest Capital.
Located at 4962 Bennett Drive, The Manors at Brookmere consists of contiguous quadplex buildings with two- and three-bedroom layouts. Amenities include private entrances, attached garages for one or two cars, vaulted ceilings in living areas, stainless steel appliances, and in-unit Whirlpool washers and dryers.
Brad Smith, Managing Director at Cushman & Wakefield said: “We are seeing a meaningful shift in investor interest toward Chicagoland, driven by fundamentals that stand out favorably on a national level. Manors at Brookmere is uniquely positioned in a supply-constrained market with limited availability of new, large-floorplan rental housing.” He also said: “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.”
The property is about 35 minutes south of downtown Chicago with access to Interstates 57 and 80 as well as Metra commuter rail service connecting directly to downtown Chicago’s Loop district. It is within close proximity to major employers such as Amazon, Ford Motor Company and University of Chicago Health System’s Flossmoor campus along with several national retailers.
