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)