Lowe Enterprises buys Naperville apartment
NAPERVILLE - Lowe Enterprises Investors, in joint venture with an investment client, has acquired the 210-unit Fairways of Naperville apartments for an undisclosed amount. Located at 970 Fairway Drive in Naperville, the 17-acre garden style property includes 13 two-story residential buildings as well as a clubhouse, fitness center and on-site leasing office. Terms of the deal were not disclosed.
About $4 million will be invested to improve the property, such as adding a dog park and barbecue grills while updating the existing facilities, including the clubhouse, swimming pool and deck, fitness center and tennis courts. They also will refresh the landscaping and building exteriors. Unit interiors will be transformed in a contemporary design scheme and color with new carpet and flooring, new appliances, upgraded kitchen and bathroom cabinets and countertops, new doors, fixtures and paint.
LEI's acquisition team was led by Andy Sands. Greystar has been retained to provide property management services. Pete Evans of Moran & Co. represented the seller, Naperville Housing Partners Limited Partnership.
The transaction is the latest in LEI's active expansion of its multifamily investment portfolio in select markets nationwide. In the Chicago area, the firm's portfolio also includes the 612-unit Bourbon Square apartment property in Palatine acquired in late 2014. The firm's most recent acquisitions include the 264-unit Hawthorne at Bridford apartment community in Greensboro, North Carolina, and the Hamilton Ridge Apartments, a 178-unit apartment community in Raleigh, North Carolina. Lowe is also a joint venture partner on The Gramercy apartments, a 203-unit community being developed in the Glenwood South area of Raleigh. LEI continues to seek multifamily and commercial acquisition and development opportunities nationwide.
"The Fairways of Naperville is ideally located for employees working along the renowned Illinois technology corridor on Interstate 88, as well as Chicago commuters desiring a quieter lifestyle outside of the city," said Andy Sands, managing director of Lowe Enterprises Investors. "This is an exceptional property that has not been renovated since it was built in 1986. We plan to substantially refurbish and modernize the units and facilities and enhance the resident amenities, to reposition it in this strong leasing market that has a very low vacancy rate and high demand."