Prime Property Investors, Ltd. Purchases Class A Suburban Chicago Conventional Apartment Complex
NORTHBROOK, Ill., Jan. 4 /PRNewswire/ — Prime Property Investors, Ltd. Co-CEOs, Barbara J. Gaffen and Michael H. Zaransky announced the purchase of The Arbors of Brookdale in Naperville, Illinois, a 281 Unit, full amenity luxury Class A Garden Style Apartment Complex. The fully stabilized property was 96% occupied at closing.
Gaffen stated, “This acquisition provides a significant opportunity to purchase a rarely available highly stable quality asset, in an excellent community, at a price level significantly below replacement cost.” Zaransky added, “Emerging demographic trends coupled with unique market conditions have created a significant opportunity for increased cash flow and future appreciation in values for Class A suburban garden style apartment complexes. The Chicago suburban MSA, and Naperville in particular, provides considerable upside due to a lack of new construction, significant barriers to entry, and projected growth in renter demand.”
Arbors of Brookdale is a thirty five building, plus club house and garages, complex, with a combined 281 separate private entrance apartment units. The total building square footage is approximately 317,705 square feet and the site lot size is 26 acres. The property grounds are set in a unique arboretum of trees and fountain ponds and include 359 recently fully repaved surface parking spaces and 138 enclosed private parking garages with remote controlled overhead doors. All apartment units feature highly desirable separate private entry doors, two exposure views, and triple pane double hung windows.
The 5,100 square foot Club House includes the on site management and leasing office, great room with fireplace and bar area, a business center, and a newly renovated and equipped full service fitness center and locker rooms with sauna. The common areas are free Wi-Fi access equipped. Community amenities include an outdoor pool and large sundeck, heated indoor pool and hot tub, 2 tennis courts, a sand volleyball court, and two outdoor gazebos.
With a population of over 145,000, Naperville is located 25 miles west of downtown Chicago in DuPage County, Illinois. During the past two decades, DuPage County has been widely recognized as the fastest growing county in the Midwest. The DuPage County estimated population of 931,533 represents a 19% increase over 1990 figures. Growth in DuPage County is projected to remain strong for the foreseeable future. In three of the last four years, Naperville was ranked in the top three by Money Magazine’s Best Places to Live in America edition.
Prime Property Investors, Ltd., based in Northbrook, Illinois, is a leading multi-family property investment firm with a specialized niche in Garden Style Conventional Suburban Apartment Complexes and Student Housing properties. The nationwide Student Housing portfolio properties are branded as Prime Campus Housing and the Garden Style Conventional Apartment Complexes are branded as Prime Residential Communities.
Due to Prime’s tremendous growth, the company was recognized by Inc. Magazine for placement on the Inc. 500 list of the fastest growing private companies in America. Additionally, Prime was ranked one of the 50 best companies in the nation to work for in the residential property industry in an independent survey by Professional Builder Magazine.
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SOURCE Prime Property Investors, Ltd.