Home » Iroquois Club
(264 units) – Naperville, IL
RSRC acquired a 238-unit Class A condominium and apartment complex (originally constructed as 272 units) located in west suburban Naperville, Illinois. The prior owner developed the property in 1989 and began converting the property to a condominium project in 2006. The seller was only able to sell 26 units before the for-sale market retreated in 2008. RSRC sourced the project through a local broker relationship off-market. This property was under-leased at acquisition at approximately 83% occupied. RSRC’s business plan consists of bringing in Calibrate Property Management to lease up vacant inventory, raise rents to market, increase heated garage income and implement a RUBS program. Additionally, RSRC plans to add washers/dryers in 208 units, implement a renovation program to upgrade approximately 100 units and rehab the clubhouse and outdoor spaces. RSRC has successfully repurchased most of the condo units, renovated common areas and is developing a value-add strategy on residential units. The property stabilized within 12 months of acquisition.
|Project Capitalization / Loan (LTV):||$38,000,000 / $27,000,000 (71%)|
|Structure:||JV – RSRC and Origin Capital Fund|
|Acquisition Date:||September – 2015|