Nonprofit Expands IL Footprint With 569-Unit Buy
- Nov 29, 2018
Using tax-free bonds, Invest in America’s Veterans Foundation has purchased two properties in the Chicago metro area. Lynd Co. worked on behalf of the buyer in arranging the acquisition of the 569-unit portfolio. Both assets are affordable to service men and women.
Located at 310 S. Route 59 in Ingleside, Ill., Timber Oaks features 234 units in the heart of the Chain O’ Lakes recreation area. Built in 1978, the property is just minutes away from banking, dining, medical facilities, public transportation and schools. Amenities include a 2-acre fishing lake, walking path, gazebo, picnic area, fitness facility, business center, spa and 230 parking spaces.
The 335-unit Prairie View in Woodstock, Ill., is situated at 411 Leah Lane, roughly 20 miles to the East from Timber Oaks. Constructed in several phases between 1985 and 2000, the community features studios and one- to three-bedroom apartments. According to Yardi Matrix, amenities include a fitness center, two swimming pools, playground, clubhouse as well as tennis, volleyball and basketball courts.
The nonprofit acquired both properties with 501 (C) (3) tax-free revenue bonds that are paid down with rental income. Lynd Co. will manage the communities, bringing the company’s under management portfolio to a total of 1,500 units in the Chicago metropolitan area. The two entities have been partnering since last year, when Lynd Co. became the real estate adviser and property management company for Invest in America’s Veterans Foundation.
Images courtesy of Yardi Matrix