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(49 units + 8,200 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 8,200/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.
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 completed a 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|