- May 28, 2013
(49 units + 7,000 sf of retail) – Naperville, IL
RSRC acquired a mixed-use property built in 2005 in downtown Naperville, Illinois. The property consists of 49 units and approximately 7,000/sf of ground floor retail in the very desirable downtown Naperville submarket. RSRC purchased the asset off-market from Old Second Bank, a community bank located in the western suburbs of Chicago. The residential units were master leased to North Central College, a neighboring university, at below market rents through 2017. The retail is fully leased to Giordano’s and Pandora.
RSRC purchased the property for $112,000/unit on the residential at approximately a 5.8% cap in-place. North Central College has now vacated the space, and RSRC has commenced full renovation of the residential side of the building, converting to market rate apartments and adding an additional retail space.
|Project Capitalization / Loan (LTV):||$8,340,000 / $6,000,000 (72%)|
|Structure:||JV between RSRC and Origin Capital Fund|
|Acquisition Date:||December – 2012|