Update: HFF announced that it has closed the sale of this property along with arranging the acquisition financing in October 2018. Please visit our Property Search page for a current listing of available multi-housing properties for sale.
Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing Stone Crossing Apartments, a 258-home, value-add apartment community located in the suburban Chicago community of Aurora, which was recently named the fourth best place in the United States to live the “American Dream," according to personal finance website SmartAsset. The property is well located and in close proximity to major area employers, transportation, shopping and recreation. Built in 1968 and renovated in 2008, the property offers investors an incredible value-add opportunity.
Stone Crossing Apartments has one- and two-bedroom apartment homes and three-bedroom townhomes. The community offers tenants desirable home and property amenities, including white kitchen cabinets with brushed nickel hardware, tile backsplashes in the kitchen, white appliance package, picnic area and grills. Additionally, the property is a superb value-add option in that Stone Crossing provides investors with an excellent opportunity with meaningful renovation upside. Thirteen out of 258 homes (approximately five percent) have been renovated, leaving investors the option to implement the current or similar program to the remaining 245 homes. Renovations could include new appliances, wood-style plank flooring in the living areas, dark laminate countertops in kitchens and bathrooms, new cabinet fronts, new lighting package and bathroom upgrades.
The apartment community for sale offers an investor an asset in an excellent location recently named one of the best places in the country to live the “American Dream.” For more information on Stone Crossing Apartments or other apartment communities in the Midwest, please contact David Gaines, Sean Fogarty or Trent Niederberger in HFF’s Chicago office. To view current real estate investment sales listings, please click here to view HFF’s property search page.