Chicago Area Affordable Housing Asset Trades for $94M
The 789-unit, Chicago suburb community has sold to Alliant Strategic Investments and Nuveen Real Estate.
Jackson Square Properties has sold an affordable housing community in the Chicago suburb of Bolingbrook, IL, to Alliant Strategic Investments and Nuveen Real Estate for $93.65 million.
The 789-unit affordable housing community, Riverstone Apartments, underwent a significant redevelopment between 2005 and 2007, using LIHTC equity.
JLL capital markets completed the sale on behalf of the seller. The firm additionally worked on behalf of the buyers to arrange $60.8 million in acquisition financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Max Optigo lender. The new owners will maintain the affordability requirements on all units through 2036.
Located at 308 Woodcreek Dr., Riverstone Apartments comprises studio, one-bedroom and two-bedroom floorplans. The property’s units feature upgraded kitchens, granite-style counters, wood-style flooring and spacious closets.
The property offers community amenities such as a clubhouse, two outdoor pools, two fitness centers, a media center and theater, volleyball and soccer courts, a playground, a business center and a dog park. The property offers direct access to downtown Chicago via I-55.
JLL capital markets’ team, led by senior managing director, Doug Childers, senior managing director, Marty O’Connell and senior director, Michael Fox, represented the seller.
The acquisition financing was led by senior director, Paul Smith and senior managing director, CW Early.