New York-based DRA Advisors just cut a roughly $95 million check for The Enclave at 127th, a 340-unit apartment complex in Plainfield, adding another big suburban rental play to its growing Chicago-area roster and signaling that institutional money is still very into stabilized rentals outside the Loop.
Will County transfer records list DRA Advisors as the buyer and peg the price at about $95 million, which works out to roughly $279,000 per unit, according to The Real Deal. The outlet also reports that DRA assumed a $64 million Prudential Life Insurance loan that JVM Realty refinanced in 2025, although public records do not spell out the exact remaining balance at closing.
Joint venture quietly lined up, then unveiled
Earlier in May, before the sale hit county records, JVM and DRA rolled out the deal publicly as a joint venture to acquire Enclave at 127th. JVM issued a press release on PR Newswire announcing the partnership and outlining plans for unit renovations and amenity upgrades, a standard value-add play in today’s suburban multifamily game. “I am thrilled to partner with DRA Advisors on the acquisition of Enclave at 127th,” JVM president Jay Madary said in the release, which was picked up by industry outlets including REBusinessOnline.
Property snapshot
The Enclave sits at 23760 W. 127th Street and was built in 2013. JVM Realty lists 340 residential units with townhome-style floorplans, along with a resort-style pool, fitness center and dog park. In other words, it checks most of the boxes for the suburban-renter wish list without venturing into ultra-luxury territory.
Why the buy matters
The trade fits neatly into DRA’s wider pivot in Chicagoland. The firm has been trimming its exposure to retail while leaning harder into industrial and multifamily. The Real Deal reported that DRA unloaded most of a roughly $540 million Midwest retail portfolio in 2023, then turned around and spent just over $200 million on 32 industrial properties earlier this year. Taken together with the Enclave buy, those moves signal a preference for steady cash flow over big speculative swings, with suburban apartments like Plainfield’s Enclave playing a key supporting role.
