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updated: 10/14/2015 1:13 PM

Joint venture purchases Iroquois Club for $38 million

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Daily Herald staff report

NAPERVILLE -- A joint venture between Origin Capital Partners and Randolph Street Realty Capital has purchased the Iroquois Club apartments in Naperville for $38 million.

The venture, which owns five properties in the area, plans to rebrand and renovate the properties into a high quality product.

"Underperforming assets are hard to come by in these current market conditions," said Sean Connelly, managing director of commercial real estate at Chicago-based 33, who represented the venture in the transaction.

"After closely reviewing occupancy rates, rent rolls, and cap rates we were able to pinpoint the Iroquois as an asset with room to grow," Connelly added.

Renovation will include upgrades to stainless steel appliances, new kitchen and bathroom countertops and updated flooring and carpet. Additionally, new washers and dryers will be added. The work will be sequenced over time and will include renovations to 35-45 percent of units.

"Certain suburban markets provide ample opportunities for real estate investors, Naperville is a strong example of that. Many commuters, families and students are looking to leverage the schools and safety of the suburbs, while experiencing high quality residences and amenities," Connelly said.

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