Multifamily N Illinois

CBRE negotiates sale of 206-unit River Run Apartments in Naperville

CBRE negotiates sale of 206-unit River Run Apartments in Naperville,ph1

CBRE recently represented the seller, a joint venture between the Marquette Companies and an affiliate of global real estate investment management firm Heitman, in the sale of River Run at Naperville Apartments, a 206-unit multifamily property at 1015 Preserve Avenue in Naperville, Illinois. The property sold to Bridge Capital Partners and Friedkin Property Group for an undisclosed amount.

“This is an amazing property in one of Chicago’s most popular suburbs. With the recent investments from the seller, this property will compete with new product and offer a high-end, luxury experience,” said Dan Cohen, executive vice president with CBRE, who represented the seller along with executive vice president John Jaeger.

River Run is an 11-building property, consisting of one-bedroom, two-bedroom and three-bedroom units. Built in 2003, the average unit size is 1,316 square feet, with two- and three-bedroom units representing approximately 96 percent of the property. Nearly half of the units have undergone renovations in the past 24 months to include quartz kitchen countertops and stainless steel appliances, among other upgrades. Community amenities include a newly redesigned clubhouse, game room, 24-hour fitness center, executive conference room, enclosed dog park and an outdoor swimming pool and sun deck. The property includes 422 parking spaces as well.