Affordable housing community in Chicago suburb sold for $93.5M
JLL Capital Markets closed the sale and arranged a $60.825 million acquisition financing for the Riverstone Apartments in Bolingbrook, IL
CHICAGO, May 3, 2021 – JLL Capital Markets announced today it has closed the $93.5 million sale and arranged a $60.825 million acquisition financing for the Riverstone Apartments, an affordable housing community located in Bolingbrook, Illinois, a southwest Chicago suburb.
JLL represented the seller, Jackson Square Properties, to complete the sale to the buyers, Alliant Strategic Investments and Nuveen Real Estate. JLL also worked on behalf of Alliant Strategic Investments and Nuveen to secure the acquisition financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. The Buyer will maintain the affordability requirements on all units through 2036.
The Riverstone Apartments underwent a significant redevelopment between 2005 and 2007 using Low Income Housing Tax Credit equity. The property consists of 789 studio, one- and two-bedroom units that feature upgraded kitchens, granite-style counters, wood-style flooring and spacious closets. Community amenities include a clubhouse, two outdoor pools, two fitness centers, media center and theater, volleyball and soccer courts, playground, business center and a dog park.
Located at 308 Woodcreek Dr., the transit-orientated property has direct access to Downtown Chicago via I-55 and is proximate to various employment hubs, including the 1,300-acre Argonne National Laboratory and a nearby 67.3-million-square-foot industrial/distribution center, and retail centers, such as the 1.2-million-square-foot Promenade at Bolingbrook mall.
The JLL Capital Markets team representing the seller was led by Seniors Managing Directors Doug Childers and Marty O’Connell and Senior Director Michael Fox. Financing was led by Senior Director Paul Smith and Senior Managing Director CW Early.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Jackson Square Properties
Founded in 2004, Jackson Square Properties has expanded over the years to own a diverse pool of multi-family assets totaling over 70 communities with 19,000 units in 7 states and a value of over 4.5 billion dollars. Jackson Square Properties specializes in identifying superior investments for our owned portfolio.
About Nuveen Real Estate
Nuveen Real Estate is one of the largest investment managers in the world with $133 billion of assets under management.
Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.
With over 80 years of real estate investing experience and more than 600 employees* located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise. For further information, please visit us at nuveen.com/realestate.
About Alliant Strategic Investments
Alliant Strategic Investments (ASI) focuses on socially responsible multifamily investments that directly impact the lives of America’s low-income and workforce residents. The preservation of affordable housing allows residents to enjoy the benefits of a safe, healthy and stable environment. With extensive experience underwriting, investing in, and managing affordable and market-rate multifamily properties, our principals bring deep industry knowledge and invaluable relationships with the nation’s top multifamily partners. For further information, visit alliantstrategic.com.