NAPERVILLE, ILL. — Northbrook, Ill.-based Prime Property Investors has acquired The Arbors of Brookdale, a 281-unit apartment property located in Naperville. The garden-style, luxury community comprises 35 buildings on 26 acres. Amenities include a 5,100-square-foot clubhouse that contains the property's management and leasing office, a great room with a fireplace and bar area, a business center, a fitness center with locker rooms and a sauna, and wireless Internet access. Other amenities include an outdoor pool with a sundeck, a heated indoor pool and hot tub, two tennis courts, a sand volleyball court and two outdoor gazebos. Residents also have access to 138 private parking garages as well as surface parking spaces.
“This acquisition provides a significant opportunity to purchase a rarely available, highly stable, quality asset in an excellent community at a price level significantly below replacement cost,” said Barbara Gaffen, co-CEO of Prime Property Investors, in a statement. “The Chicago suburban MSA, and Naperville in particular, provides considerable upside due to a lack of new construction, significant barriers to entry and projected growth in renter demand.”
The seller and the acquisition price were not disclosed.
— Coleman Wood