CHICAGO – In under three years, Rockwell Partners has completed the deconversion of Huntington Condominiums, a 365-unit residential complex in Naperville, IL.
The Chicago-based Rockwell Partners purchased 313 unsold condominiums in 2016 from the developer, and has then spent the next two years purchasing the remaining 43 units from the individual unit owners and their lenders.
“Huntington is another example of a residential complex located in an extremely vibrant community that suffered as a result of the economic downturn of the last decade,” said Doug Fisher, a principal at Rockwell. “Rockwell understands the needs of these residents, how to help them and how to revitalize a community that had deteriorated physically and financially.”
Since purchasing the property, Rockwell worked at improving the common areas, in-unit finishes and features, clubhouse and other property amenities.
Huntington was constructed in three phases beginning in 1973. The 16-building facility, which is located on 21 acres, houses 365 units, a clubhouse, two pools, tennis courts, and a park. In 2007, the property was converted to condominiums but because of the economic downturn only 43 of those units sold.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
