May 10, 2018— Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing Stone Crossing Apartments, a 258-home, value-add apartment community located in the suburban Chicago community of Aurora, which was recently named the fourth best place in the United States to live the “American Dream,” according to personal finance website SmartAsset. The property is well located and in close proximity to major area employers, transportation, shopping and recreation. Built in 1968 and renovated in 2008, the property offers investors an incredible value-add opportunity.
Stone Crossing Apartments has one- and two-bedroom apartment homes and three-bedroom townhomes. The community offers tenants desirable home and property amenities, including white kitchen cabinets with brushed nickel hardware, tile backsplashes in the kitchen, white appliance package, picnic area and grills. Additionally, the property is a superb value-add option in that Stone Crossing provides investors with an excellent opportunity with meaningful renovation upside. Thirteen out of 258 homes (approximately five percent) have been renovated, leaving investors the option to implement the current or similar program to the remaining 245 homes. Renovations could include new appliances, wood-style plank flooring in the living areas, dark laminate countertops in kitchens and bathrooms, new cabinet fronts, new lighting package and bathroom upgrades.
Suburban Apartment Community for Sale Investment Highlights
- Desirable Aurora/Naperville Apartment Submarket: The Aurora/Naperville submarket is one of the best in the Chicago suburban markets for its high historical rent growth and occupancy, which is sustained by limited new supply. Aurora/Naperville has experienced the second highest historical growth rate in the Chicago MSA. Additionally, Aurora ranked fourth on SmartAsset’s 2018 survey, marking the second year in a row the community was listed in the top-10 cities. The company analyzed the largest 257 cities in America and then ranked them based on diversity, inter-generational economic mobility, home-ownership rates, home values and unemployment rates.
- Accessibility to Top Suburban and Downtown Employers: Stone Crossing’s location two miles from Interstate 88 in Aurora makes for convenient access to all of suburban Chicago’s major employment corridors. Seven major employment corridors offer roughly 1.5 million private- and public-sector jobs within 30 miles of the property, all of which are easily accessible from Illinois Route 31 and Interstate 88. Nearby DuPage County businesses employ approximately 690,000 individuals in more than 43.8 million square feet of office space in the vicinity. The surrounding business community is diverse with major employers including many high-tech research centers, corporate headquarters and facilities for well-known national and international companies. Many employers are concentrated along the East-West Corporate corridor along Interstate 88.
- Leading Healthcare Options and Employment Drivers: Presence Mercy Medical Center is located less than one mile from Stone Crossing. The 292-bed, full-service hospital has a Level II Trauma Center. The hospital opened in 1971 and received a new 100,000 square-foot surgery center in 2005. This $33 million addition set the gold standard in the suburbs for surgical care. Additionally, nearby Rush-Copley Medical Center is a 210-bed hospital serving the Fox Valley Area. It also has a Level II Trauma Center that treats more than 75,000 patients annually. With 1,887 employees, Rush Copley is a member of Rush, an academic health system, and a leading provider of health services to the greater Fox Valley area.
- Endless Retail and Entertainment Amenities Nearby: Stone Crossing is centrally located three miles north of downtown Aurora and five miles west of the Chicago Premium outlets, allowing residents easy access to unique retail, dining and recreation options while also being in close proximity to conventional name brand choices.
The apartment community for sale offers an investor an asset in an excellent location recently named one of the best places in the country to live the “American Dream.” For more information on Stone Crossing Apartments or other apartment communities in the Midwest, please contact David Gaines, Sean Fogarty or Trent Niederberger in HFF’s Chicago office.