Affordable housing community in Chicago suburb sold for $93.5 million

JLL Capital Markets closed the sale and arranged a $60.825 million acquisition financing for the Riverstone Apartments in Bolingbrook, IL

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Riverstone Apartments
JLL closed the $93.5 million sale and arranged a $60.825 million acquisition financing for the Riverstone Apartments in Bolingbrook, Illinois

JLL Capital Markets announced it has closed the $93.5 million sale and arranged a $60.825 million acquisition financing for the Riverstone Apartments, an affordable housing community located in Bolingbrook, Illinois, a southwest Chicago suburb.

JLL represented the seller, Jackson Square Properties, to complete the sale to the buyers, Alliant Strategic Investments and Nuveen Real Estate. JLL also worked on behalf of Alliant Strategic Investments and Nuveen to secure the acquisition financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender. The Buyer will maintain the affordability requirements on all units through 2036.

The Riverstone Apartments underwent a significant redevelopment between 2005 and 2007 using Low Income Housing Tax Credit equity. The property consists of 789 studio, one- and two-bedroom units that feature upgraded kitchens, granite-style counters, wood-style flooring and spacious closets. Community amenities include a clubhouse, two outdoor pools, two fitness centers, media center and theater, volleyball and soccer courts, playground, business center and a dog park.

Located at 308 Woodcreek Dr., the transit-orientated property has direct access to Downtown Chicago via I-55 and is proximate to various employment hubs, including the 1,300-acre Argonne National Laboratory and a nearby 67.3-million-square-foot industrial/distribution center, and retail centers, such as the 1.2-million-square-foot Promenade at Bolingbrook mall.

The JLL Capital Markets team representing the seller was led by Seniors Managing Directors Doug Childers and Marty O’Connell and Senior Director Michael Fox. Financing was led by Senior Director Paul Smith and Senior Managing Director CW Early.

JLL delivers multihousing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.