Fairways of Naperville
970 Fairway Dr, Naperville, IL 60563
Ansonia acted decisively to acquire this 210-unit asset in affluent Naperville after discovering that pricing fell short of expectations. We expect to generate an attractive cash yield as a result of acquiring this property at a favorable cap rate and leveraging it with a long-term fixed-rate Agency loan. The asset’s long-term value is supported by excellent access to transportation and a location within walking distance of the Metra station, proximity to excellent schools, a job-rich community, and an attractively landscaped low-density site. The investment profile is less risky as prior ownership invested to update the clubhouse, amenities, hallways and validated a sizable renovation premium by upgrading a majority of the units. Ansonia’s “value add” improvement plan targets a higher finish level and premium for the remaining apartments, which will be upgraded with renovated kitchens and baths, new doors and base, vinyl plank flooring and energy-saving improvements.