Foxford Communities Acquires Suburban Chicago Property
- Nov 07, 2014
Chicago—Foxford Communities has acquired Century Station, a mixed-use property in the near west Chicago suburb of Berwyn, Ill. Hindsale, Ill.-based Foxford will undertake exterior improvements and update the common areas of the 52-unit Central Station over the coming months.
Century Station is well located in Berwyn’s “Depot District,” a downtown, transit-oriented area of the suburb near Stanley and Oak Park Aves. Built in 2008, Century Station was originally envisioned as a five-story condominium structure with 10,000 square feet of commercial space at ground level.
Berwyn is a suburb established during the heyday of the Chicago bungalow building boom early in the 20th Century, and offers a significant collection of Chicago-style bungalow homes. Fittingly, Century Station’s brick and limestone exterior is a reflection of the materials that predominate in Berwyn bungalows.
“Multifamily housing, especially rental communities, has made a comeback over the past few years,” Peter Brennan, president of Foxford Communities, tells MHN. “Century Station is in a great location, right in the heart of Berwyn’s popular Depot District, adjacent to the Metra station and kitty-corner from MacNeal Hospital. It’s an ideal building for those who rely more heavily on public transportation as well as a perfect location for merchants looking to set up shop.”
As more people gravitate toward transit-oriented communities, Century Station supports a lifestyle for those who want to live where they can walk, use transit and enjoy public space, Brennan reports. It is “convenient for residents commuting to the city for work, and is also within walking distance to a variety of shops, restaurants and parks,” he adds.
In Century Station’s one-, two- and three-bedroom apartments, renters find condominium-level upscale features. They include custom cabinets, granite countertops, stainless steel appliances, in-unit washer-dryers and spacious balconies.
The building also provides bicycle storage and underground parking. Century Station is currently 100 percent leased, but its commercial portion is only one-third leased. Foxford Communities anticipates filling the 6,000 square feet of available commercial space quickly once it hires a new brokerage representative.
Sometimes called “Beautiful Berwyn,” the suburb features tree-lined streets and a distinct architectural style. In recent years, the Depot District has attracted a large and growing population of local artists, musicians and young professionals lured to the town for its distinctive dining and drinking establishments, its music and theater scene and its pair of thriving park districts.
Due to the building‘s history, Foxford had to deal with property title challenges, Brennan says. “Since the property was previously bank owned, current residents will get to benefit from Foxford’s vested ownership of the property in many ways, including improved maintenance and care of the property, as well as updates that will be made to the common areas,” he adds.