Downtown Wheaton apartment complex sold to JVM Realty

An Oak Brook-based real estate company has purchased an apartment complex in downtown Wheaton near the old DuPage County courthouse.

JVM Realty Corp. announced that it has acquired the six-story, 149-unit gated community at Courthouse Square. The company completed the purchase on January 26.

JVM Realty has been buying up large suburban homes in recent years. In Romeoville, the company bought a 240-unit gated community last November and renamed it The Bluffs. A year ago, JVM acquired 297 upscale apartments in Hamilton Lakes Business Park in Itasca.

With the recent purchase, JVM owns and manages eight residential communities in Illinois. JVM operates a $1.6 billion multifamily portfolio across the Midwest.

Courthouse Square is a mix of one, two and three bedroom apartments in two buildings on the corner of Naperville Road and Willow Avenue. The project was led by Focus Development in 2016.

A spokeswoman said JVM did not disclose the purchase price.

“Co-op communities of this caliber are in high demand given the strong employment fundamentals and high barriers to entry for homeownership,” JVM President and CEO Jay Madary said in a statement.

Resident amenities include a pool and sundeck, concierge service, 24-hour fitness center and yoga studio, event space with catering kitchen, outdoor patio with fire pit, underground heated parking garage with electric charging stations, and pet laundry , a car wash and a bicycle workshop. The Illinois Prairie Path runs north of the apartment complex.

“The acquisition of Courthouse Square aligns with our long-term strategy of making investments where we can leverage our local experience and extensive operating platform to improve performance by applying disciplined underwriting to reflect current and forecast market conditions,” said Madary.

The historic courthouse, a Wheaton landmark with a clock tower, has been converted into six condominiums as part of the Courthouse Square development.