Broadshore Capital Partners, in joint venture with an investment client, has sold the 210-unit Fairways of Naperville apartment community.
Located at 970 Fairway Drive in Naperville, the 17-acre garden style property includes 13 two-story residential buildings as well as a clubhouse, fitness center, dog park and other in-demand amenities.
“Naperville is considered to be one of the Chicago area’s most desirable suburban markets,” Broadshore Senior Vice President Alicia Fernandes said in a statement. “With strong apartment demand, and a well-located and significantly improved asset, market conditions created an optimal time to realize the value added during our ownership.”
Los Angeles-based Broadshore acquired the property in 2016 and immediately developed and implemented an extensive program of property improvements.
The deal follows Broadshore’s sale in late September of The Boulders, a 161-unit apartment community in Boulder, Colorado, which it acquired in joint venture with an investment client in October 2014.
Broadshore has extensive investments in multifamily properties across the country with a focus on workforce housing.
Moran & Co. represented Broadshore in the sale of Fairways of Naperville. Newmark Knight Frank represented it in the sale of The Boulders.