CHICAGO--(BUSINESS WIRE)--Broadshore Capital Partners (Broadshore), in joint venture with an investment client, has sold the 210-unit Fairways of Naperville apartment community. Located at 970 Fairway Drive in Naperville, IL, 30 miles west of Chicago, the 17-acre garden style property includes thirteen two-story residential buildings as well as a clubhouse, fitness center, dog park and other in-demand amenities.
“Naperville is considered to be on of the Chicago area’s most desirable suburban markets. With strong apartment demand, and a well-located and significantly improved asset, market conditions created an optimal time to realize the value added during our ownership,” said Alicia Fernandes, senior vice president, Broadshore.
Broadshore acquired the property in 2016 and immediately developed and implemented an extensive program of property improvements. Built in 1986, Fairways of Naperville, which offers one-, two-, and three-bedroom units all with balcony or patio and washer/dryer, had not been renovated since opening creating an opportunity to increase the appeal and value of this large property. With public transportation allowing for reasonable commutes to downtown Chicago and proximity to other major employment centers, Naperville boasts a top-rated school district and a variety of retail and entertainment options.
Among Broadshore’s property improvements were new landscaping throughout, exterior painting and signage. The Clubhouse and fitness center were expanded and modernized to include an outdoor patio area with fire pits and a dog park added to the community’s expansive park-like outdoor areas that also feature a swimming pool and deck and tennis courts. More than 50 percent of the units have undergone substantial renovations including fresh color scheme, modern flooring and lighting, and upgraded kitchens and bathrooms with new countertops, fixtures and appliances.
The sale of Fairways of Naperville follows Broadshore’s sale in late September of The Boulders, a 161-unit apartment community in Boulder, Colo., which it acquired in joint venture with an investment client in October 2014. Built in 1993, the property is located at 2850 Kalmia Ave., less than 25 miles northwest of downtown Denver.
“These are mid-1980s, early-1990s era properties in very good locations and submarkets which fill a need for quality, affordable housing for working individuals and their families. Broadshore applied its knowledge and experience to reposition and enhance the communities through a combination of capital improvements and management programs, many of which resulted in improved energy efficiency at the property, improved the living environment for the residents, and resulted in strong returns for our client,” said Brad Howe, co-CEO, Broadshore.
Broadshore has extensive investments in multifamily properties across the country with a focus on workforce housing. The company has an experienced multifamily team across the country seeking opportunities to expand its investments in the multifamily sector that continues to be in a period of increasing demand.
Moran & Co. represented Broadshore in the sale of Fairways of Naperville. Newmark Knight Frank represented it in the sale of The Boulders.
About Broadshore Capital Partners
Broadshore Capital Partners, LLC ("Broadshore") was founded in 1989 (under a predecessor name) and became an SEC registered investment adviser in 1991. In 2019 the company rebranded following a buyout led by its long-time partner, The Guardian Life Insurance Company of America. Broadshore is a leading national real estate investment management and advisory services company with over $1.7 billion in assets under management as of March 31, 2019. The firm provides real estate advisory services to a select list of international institutions, public pension funds, insurance companies and high net worth individuals. Broadshore is based in Los Angeles and retains regional offices in Denver, Seattle, Phoenix and New York.
