Suburban Chicago Property Changes Hands
- Oct 16, 2019
An apartment property in the west suburbs of Chicago, Ill., has changed owners. Following a value-add program undertaken over the past three years by seller Broadshore Capital Partners, the Fairways of Naperville has sold.
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Located at 970 Fairway Drive in Naperville, Ill., Fairways of Naperville features 210 apartment residences. The property offers one-, two- and three-bedroom units, all of which have balconies or patios. Broadshore Capital Partners made large improvements to the property in its three-year ownership. The enhancements included an expanded and modernized clubhouse and fitness center, now with an outdoor patio area and fire pits; new landscaping, and new exterior painting and signage.
In addition, more than half of the apartments have received significant renovations that include the addition of modern flooring and lighting, and the upgrading of kitchens and baths to feature new countertops, fixtures and appliances. Units have been given fresh color schemes throughout the community.
Apartments range in size from 696 for a one-bedroom to 1,144 square feet for a three-bedroom. The property was 96.7 percent occupied at time of sale, according to Yardi Matrix.
“The Fairways of Naperville offers large units in a garden-style setting with an array of desirable amenities,” Brad Howe, Broadshore co-CEO, told Multi-Housing News. “It is an attractive option for working families that appreciate the good schools and city‘s other attributes. The demand for this type of housing is strong and the property values have steadily escalated since we acquired the community. (These are) attributes (that) influenced our decision to sell and realize the increased value we created by renovating the property.”
Situated 30 miles west of Chicago, Naperville offers commuter rail service to downtown Chicago via Metra’s Burlington Northern Line to the west suburbs, during weekdays the most heavily-traveled line among Metra’s 11 Chicago-area commuter rail lines.
In addition, Naperville is served by several lines of the Chicago metropolitan area’s Pace suburban bus service. Train and bus lines can take Fairways of Naperville residents to job hubs, retail centers and more.