Foxbridge
Lynnewood Gardens Apartments
Snell Isle
Southern Meadows
The Columbus Apartments
The Cove Apartments
The Fillmore Center
The Park Kiely
The Woodlands of Crest Hill Apartments
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| Market |
Crest Hill, IL |
| Investment Date |
June 1997 |
| Project Size |
730 units |
| Transaction Type |
Strategic Renovation / Management Turnaround |
| Status |
Realized |
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Opportunity
- Acquire a quality asset from a underperforming manager/owner on a direct basis
- Improve reputation of a mismanaged property in a strong submarket
- Add much-needed institutional amenities to a large property in order to compete in the market
- Expand property amenities through construction of pool, leasing center and commercial center
- Renovate all units (60% were vacant at acquisition) and upgrade kitchen and baths for greater market appeal
- Implement tax-exempt financing strategy in three separate rounds to enhance market position and improve capital structure
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