ReNew Downers Grove_Property for Sale
ReNew Downers Grove_Property for Sale
2845 Easton St, Downers Grove, IL, 60515-3885, US

ReNew Downers Grove

Asset description

Jones Lang LaSalle Americas (Illinois), L.P. (JLL) is pleased to present ReNew Downers Grove (“The Property”), a premier 294-home apartment community located in Chicago’s ideallypositioned western suburb, Downers Grove. Built in 2009, the property consists of various layouts including studios, one-bedrooms, and a mix of two-bedroom apartments and townhomes. ReNew Downers Grove boasts an average unit size of 1,003 SF and a full amenity package. With only heavy turns completed on a majority of the units, the property offers an investor an opportunity to modernize interiors via a 100% value-add renovation program.


Located only 20 miles from Downtown Chicago, ReNew Downers Grove is situated in a prime location adjacent to I-355 and Butterfield Road. Residents can enjoy the bustling nearby dining, retail, and recreation scene while benefiting from easy access to suburban and downtown employment. Downers Grove seamlessly blends urban convenience with the tranquility of the suburban surroundings, offering the ideal combination for students, young professionals and families alike. This incredible investment opportunity is available free and clear or via assuming the existing loan (4.38% fixed rate, 48 months remaining).

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Attributes

Year built
2009
Units
294
Occupancy
95%
Building area net
27,400 sm

Media

Investment highlights

Exceptional DuPage County Location

  • Immediate Access to I-355 and the Metra for Quick 30-Minute Commute to Downtown Chicago
  • Adjacent to Top Employment, Education and Healthcare such as Advocate Good Samaritan Hospital and Midwestern University
  • Serviced by Glenbard Township High School District #87 (Top 5% Illinois School District)
  • Less than 15-Minute Drive to Top Restaurants, Grocery Stores, Recreation and Retail including Super Regional Oakbrook Mall, Whole Foods, and Costco
  • Nearby Numerous Parks, Nature Preserves, and Golf Courses including the Morton Arboretum, Butler National Golf Club, and Lyman Woods


Unparalleled Investment Opportunity

  • 100% Value-Add Upside in Units
  • Extremely Strong Trade-outs showing 11% Increase on New Leases
  • Available with Accretive Assumable Financing (4.38% Fixed Rate) or Free and Clear
  • Impressive $114,000 Median Income at the Property
  • Rarely Available Late 2000s Built Asset
  • 23% Resident Rent-to-Income Ratio provides Runway for Rent Growth
  • Real Estate Tax Clarity (AAA Bond-Rated DuPage County)


Ideal Property Features

  • Resort Style Amenities including Heated Swimming Pool, Sundeck, and Multiple Community Courtyards with Grilling Stations
  • Upgraded Clubhouse with State-of-the-Art Fitness Center, Full Locker Rooms, Business Center, and Lounge Area
  • Spacious floor plans of ~1,000 SF inclusive of Expansive Balconies and Patios for Every Unit
  • Desirable Townhomes with Attached Garages and Eat-in Kitchens
  • Stunning Penthouse Units inclusive of 10’ Ceilings, Modern Backsplashes, and Gooseneck Faucets
  • Private Community Environment with Incredible Views of Surrounding Nature


High Barrier-to-Entry Submarket (Southeast DuPage County)

  • 4.5% 5-year projected avg. annual rent growth
  • 95% 5-year projected avg. occupancy
  • Zero Properties >100 Units Under Construction within 5-mile Radius
  • Only Two Properties >100 Units Built in the Last 5 Years within a 3-mile Radius
ReNew Downers Grove 4_Property for Sale
ReNew Downers Grove 4_Property for Sale

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ReNew Downers Grove (0 Properties)

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Last updated
Oct 16, 2024