BH BRADLEY 2014 ILLINOIS PORTFOLIO
BH co-sponsored the acquisition of these three properties with Redwood Capital Group, a real estate development firm in Chicago. This cost basis is substantially below that of most of the properties’ competitors. The portfolio properties were each financed with a 7-year, adjustable rate mortgage..
The Fountains at Stone Crest is a 400 unit community located in DuPage County near I-355, I-88, and I-294. The Metra Westmont stop is located one mile from the property and the area provides excellent access to many suburban employment centers in Naperville, Lisle, Aurora, and Oak Brook. The well designed apartments average 971 Square Feet and include a newer 5,300 Square Foot clubhouse containing a great room, business center, fitness center, and racquetball court. A large pool and sundeck are also adjacent to the clubhouse. The rehab plan for this facility calls for upgrading 50 percent of the units over the next three years. Additional exterior and common area improvements are planned and budgeted over the next 5 years. Historically, the DuPage County market has been one of the strongest performing of all suburban Chicago submarkets. The property has been averaging occupancy above 97% over the winter 2013-2014.
The 384 unit Lakes at Fountain Square is located in Waukegan, Illinois, approximately 1 hour north of Chicago. The Property offers a premier Lake County location in the strongest suburban job market, and one of Chicago’s best suburban rental submarkets. The property is located within minutes of Abbott Labs, Baxter Labs, CDW, W.W. Grainger, Six Flags Great America, and Gurnee Mills Outlet Mall. The Lakes provides residents with a beautiful site with water views, two pools, clubhouse, business center, and fitness center. The rehab plan provides for interior upgrades in approximately 2/3 of the units including appliances, cabinetry, counters, and flooring. Occupancy at the property has continued throughout winter 2013-2014 at about 95%.
The 730 unit Woodlands of Crest Hill is located on nearly 30 acres of land near suburban Joliet, Illinois, approximately 40 miles from downtown Chicago. Joliet, which is Illinois’ 4th largest city, has easy access to Chicago and is a strong community. Before purchasing the property over 20% of the units had already been upgraded with significant rental demand for these units. BH plans to upgrade an additional 30% of the units. The property is currently showing a strong occupancy of approximately 94%.