Multi-housing / PRS

The Iroquois Club Apartments

1101 Iroquois Ave Naperville, Illinois United States 60563-9370
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 1989
Building Area Net
Land Area Net ()
Number of units 272
Occupancy 95.0 %

Property description

JLL is pleased to present The Iroquois Club Apartments (“the Property”), a 272-unit, mid-rise apartment community nestled in picturesque Naperville, IL. The community’s strategic location provides convenient access to several top employers, premier shopping venues, and numerous lively entertainment and dining options. The property offers an investor the opportunity to continue a verifiable value-add strategy while enjoying continuous organic revenue growth with an immediate footprint in one of Chicago’s premier suburban locations. The property’s convenient location provides residents with access to top schools and an easy drive to Downtown Naperville, the Naperville Metra Train Station, I-355, I-88 and the east-west employment corridor. This rare investment opportunity is available on an all cash basis.

Investment highlights

Significant Value-Add Upside

• 112 units unrenovated and 39 units partially renovated (56% of units have renovation upside)

• $180+ average projected renovation premium

• Only 13% rent-to-income ratio

• Effective rents 20%+ lower than the comp set

• Numerous underutilized common areas available to repurpose

• Buyer can seek approval to build 76 additional units on the NE corner of the property


Fantastic Naperville Location

• Walking distance to brand new Costco and Amazon Fresh

• Encompassed by top restaurants and retailers

• Served by top Naperville public schools (District 203)


Ideal Investment Criteria

• Phenomenal construction quality & community amenity package

• Interior corridors & heated parking garage under one roof

• Available all-cash with favorable financing options

• Suburban outperformance


Excellent Accessibility

• Easy access to I-88 & I-355

• Minutes to downtown Naperville & Metra train station

• Proximity to top CBD employers


Strong Property & Submarket Performance

• 95% historical average property occupancy

• 97.3% 5-year projected submarket occupancy

• 3.9% 5-year projected submarket rent growth

Last Updated Date: 19 Oct 2021
Wick Kirby
Wick Kirby
Senior Director, Capital Markets
Broker Licenses
IL-475.117916
Marty O'Connell
Marty O'Connell
Senior Managing Director, Capital Markets
Broker Licenses
IL-475.099044 KY-68521

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Last Updated Date: 19 Oct 2021

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