Home ยป Iroquois Club
(272 units) – Naperville, IL
| Acquired: | July 2015 |
| Project Capitalization (LTV): | $44,845,000 (71%) |
RSRC acquired a fractured Class-A condominium and apartment complex located in west suburban Naperville. The prior owner began converting the property to a condominium in 2006, but was only able to sell 26 units before the market retreated in 2008. RSRC sourced the off-market project through a broker relationship. At acquisition, the property was approximately 83% occupied. RSRC leased up vacant inventory, raised rents to market and implemented a RUBS utility billback program. RSRC also purchased the remaining condo units to return the project to rental apartments and complete the deconversion. Additionally, RSRC executed a renovation program to upgrade units, and renovated the clubhouse and outdoor spaces.
www.iroquoisclubnaperville.com- Chicago