TLC Management CEO Stuart Handler achieved his most recent venture in apartment buildings in Chicagoland by acquiring Dunton Tower at the corner of Vail Avenue and Sigwalt Street in Arlington Heights in late September 2019. Dunton Tower — a 15-story, 216-unit building at 55 South Vail Avenue in Arlington Heights — was purchased from Nuveen Real Estate for $57.5 million, according to a deed filed with Cook County property records. The cost amounting to $266,204 per unit calculates to a 44 percent increase over the $40 million that Henderson Global Investors, paid for the Dunton Tower in 2012. Henderson Global Investors was acquired by financial service provider and institutional investor TIAA-CREF in April 2015. TIAA-CREF had acquired diversified investment management company Nuveen Investments in October 2014, then TIAA-CREF renamed its asset management unit to Nuveen in January 2017.
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Dunton Tower construction was completed in 1986 as one of the first mid-rise buildings developed in downtown Arlington Heights and was one of the first developments of the revival of the downtown area. A few years ago at Dunton Tower Apartments, the lobby was remodeled and the fitness center was enlarged. The TLC Management acquisition will involve plans for a new $2 million renovation of the building, include new elevators and improvements in common areas. New flooring, countertops and cabinets are also planned for apartment units.
The apartment building units include one studio version, two 1-bedroom versions, and two 2-bedroom versions. All units except the studio apartments have balconies, and the apartment building also also features an outdoor swimming pool with the privacy of a tall brick wall that surrounds the pool deck.
The apartment units in November 2019 are described as follows on
Style S1
Studio No Bedroom, 1 Bath
$1,425
Style A1
1 Bedroom, 1 Bath
$1,500
Style A2
1 Bedroom, 1 Bath
$1,700
Style B1
2 Bedroom, 2 Bath
$1,870
Style B2
2 Bedroom, 2 Bath
$2,050
TLC reports the prices are subject to change without notice.
Handler’s TLC Management began investing in apartment buildings in Chicago and Evanston. Other apartment complexes and buildings managed by TLC include The Arbors of Glen Ellyn, Woodbury Place in Schaumburg, Forest Cove in Mount Prospect, Windsor Estate in Bloomingdale, Arbor Lakes in Arlington Heights, Park Butterfield in Mundelein, and Prairie Winds of St Charles, which is the most recent purchase prior to the Dunton Tower Apartment purchase in Arlington Heights.
The apartment owner’s market has been profitable, but is softening. For more business information on the apartment market for investors and landlords, property taxes, and comments from Stuart Handler, see Crain’s Chicago Business article Arlington Heights apartments fetch $58 million
See also …
duntontower.com
TLC Management | chicagorentals.com
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