Renaissance at Carol Stream_Property for Sale

201 Flame Drive, Carol Stream, IL, 60188, US

Renaissance at Carol Stream

Asset Description

Jones Lang LaSalle Americas (Illinois) L.P. (JLL) is pleased to present Renaissance at Carol Stream, a multi-housing community located in dynamic Carol Stream, a western suburb of Chicago in DuPage County.

Renaissance at Carol Stream offers a convenient lifestyle including spacious floor plans with ample storage and a modern collection of amenities including a resort-style pool & sundeck, full size indoor basketball court, and a fully-equipped fitness center.

The property’s ideal location off North Ave allows for immediate access to significant employment, fantastic retail, grocery, and dining. With easy access to downtown Chicago, Carol Stream is an idyllic suburb in DuPage County which features top-rated schools, beautiful greenery, and 72M SF of industrial space in the I-88 Corridor.

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Attributes

Number of units

293

Occupancy

97%

Year built

1970

Building area net

24,038 m²

Media

Investment Highlights

Dynamic Apartment Community
In-demand amenities highlighted by resort-style pool, massive sun deck, full-size indoor basketball court, and fitness center
56% of units prime for a programmatic renovation program
Available below replacement cost
Fantastic Property Performance
95% Occupied
77% Average Retention over last 3 years
Impressive $100+ achieved renovation premiums
Minimal concessions offered
Limited nearby competition provides continued opportunity for rent growth
Best of Suburban Chicago
Ideal DuPage County location
Direct access to I-88 job corridor and top employers
Neighbors nearby retail along North Ave (Tony’s Fresh Market, Menards, Starbucks)
Fantastic nearby schools (ranked top 5% in the nation)
Robust Market Fundmentals
5.9% Historical Avg Effective Rent Growth in the Last 5 Years
96% Projected Avg Occupancy
Supply constrained submarket
Zero properties under construction within 5 miles
Lack of comparable product nearby
Over the last 25 years, only 529 units (2.5% of existing supply) have delivered in the entire North DuPage submarket