X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NAPERVILLE, IL-The 224-unit Courtyards Village Apartments in this west suburb of Chicago has been sold to Rochester, NY-based Home Properties for $12.8 million. The multifamily rental REIT plans to spend another $1.1 million to replace windows, add insulation and improve landscaping at the property on Route 59 north of the Fox Valley Shopping Center.

Home Properties says it expects a 9.4% initial capitalization rate but projects it will hit 10% in the second and subsequent years. Vacancy at the property, where rents average $804 per month, is just 3%. The apartment mix at the 30-year-old complex consists of 143 one-bedroom and 81 two-bedroom units in seven buildings.

Home Properties also assumed a $5.1 million mortgage at 7.88%.

The purchase was one of two completed by Home Properties, which also acquired a 435-unit complex in Silver Spring, MD. The REIT also sold six properties consisting of 1,304 units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.