Cunat Acquires 258-Unit Apartment Community in Aurora, Illinois
AURORA, ILL. — Cunat Inc. has acquired Stone Crossing Apartments in the Chicago suburb of Aurora for an undisclosed price. The 258-unit apartment community is located at 1240 Nantucket Road. The property consists of three two-story townhome buildings with three-bedroom units and two three-story apartment buildings with one- and two-bedroom units. Cunat plans to completely upgrade, renovate and rebrand the community under the new name Arbor West. Cunat will renovate unit interiors, demolish community buildings and build a new leasing office, clubhouse and indoor pool. The community was 97 percent occupied at the time of sale. David Gaines and Sean Fogarty of HFF represented the seller, a partnership between Graycliff Capital Partners LLC, Buligo Capital Partners and The Ferndale Realty Group. Trent Niederberger and Jason Bond of HFF arranged a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC.