Berkadia Arranges $95 Million Recapitalization of 340-Unit Enclave at 127th for JVM Realty and DRA Advisors in Plainfield, Illinois
Berkadia has arranged the recapitalization of Enclave at 127th, a 340-unit multifamily community in Plainfield, Illinois, forming a joint venture between Chicago-based sponsor JVM Realty Corporation and New York-based equity partner DRA Advisors at a reported valuation of approximately $95 million, or roughly $279,000 per unit.
The transaction was announced August 3, 2026. JVM Realty will retain ownership through an affiliated investment fund, while DRA Advisors enters as the joint venture equity partner. The recapitalization is structured to allow the partnership to advance a value-add business plan at the southwest suburban Chicago property.
Transaction Structure and Deal Team
Berkadia's Strategic Capital group led the assignment, with Senior Managing Directors Gordon Reynolds and Brian Myers and Vice President Conner Adkins handling the equity placement. Senior Managing Director Pete Evans, Senior Director Richard Evans, and Associate Director Brad Mori of Berkadia Chicago and Berkadia Milwaukee collaborated on the transaction.
"We were pleased to advise JVM on this recapitalization, which delivered a successful outcome and established a new partnership with DRA for the future," Myers said. "The transaction reflects the quality of the asset, the strength of JVM's platform, and continued investor demand for well-positioned multifamily opportunities."
Evans added that the deal created an opportunity to bring in one of the country's most experienced investors with a track record in Chicago. "Suburban Chicago has the most durable multifamily fundamentals in the country, so it makes sense that savvy owners want to continue holding assets long-term," he said. "It's always fun creating new relationships, especially with great platforms like JVM and DRA."
The reported $95 million valuation implies a price of approximately $283 per rentable square foot, based on the property's roughly 336,318 square feet of rentable area across its 340 units.
Property Profile: Enclave at 127th
Completed in 2013, Enclave at 127th is located at 23760 W 127th St in Plainfield, Illinois, within Will County and the broader Chicago metropolitan statistical area. The property sits on a 21.1-acre site immediately east of Route 59 on West 127th Street, north of Interstate 55 in the I-55 Industrial Corridor.
The community comprises 17 two-story, 20-unit residential buildings totaling 340 units, along with three detached garage buildings, a maintenance shop, and a standalone clubhouse. All 340 units feature direct-access entries, a configuration that differentiates the property from conventional garden-style apartments and positions it as a townhome-style rental product. Unit sizes range from 629 to 1,424 square feet across studio, one-, two-, and three-bedroom floor plans, with an average unit size of approximately 990 to 995 square feet.
Community amenities include a clubroom, fitness center, outdoor swimming pool, dog park, and car care station, in addition to the detached garage buildings and surface parking.
The property's location places residents within approximately 20 minutes of Downtown Naperville and the I-88 Illinois Technology and Research Corridor, giving it access to two significant Midwest employment centers.
Sponsor and Equity Partner Backgrounds
JVM Realty Corporation is a vertically integrated, privately owned and operated real estate investment firm based in Chicago. The firm serves as both sponsor and operator on the Enclave at 127th recapitalization, retaining its ownership stake through an affiliated fund structure.
DRA Advisors is a New York-based real estate investment advisor that specializes in value-add investing.
JVM had previously acquired the asset around 2014 to 2015 for approximately $62 million from the developer, Continental Properties, which delivered the project in 2013. The 2026 recapitalization at a reported $95 million valuation reflects appreciation in the asset over that holding period.
Suburban Chicago Multifamily Market Context
The I-55 corridor in the southwest suburbs of Chicago has drawn sustained institutional interest, with Class A suburban multifamily assets trading at tight cap rates and showing strong rent and occupancy fundamentals. Enclave at 127th's scale, direct-access unit configuration, and proximity to major employment corridors align with the profile of assets targeted by institutional value-add investors in the current market.
The recapitalization structure — in which the operating sponsor retains equity while bringing in a new institutional capital partner — allows JVM Realty to continue managing and operating the property while accessing fresh capital through DRA Advisors to fund the planned value-add program.
Sources
Berkadia — Enclave at 127th, Plainfield, IL | Recapitalized by Berkadia 2026