Fawn Ridge Apartments

1941 N Orleans St, McHenry, IL, 60050-3939, US

Description

Jones Lang LaSalle Americas (Illinois), L.P. (“JLL”) is pleased to present Fawn Ridge Apartments (the “Property”), a 208-home garden-style workforce housing community located in McHenry. The Property offers a variety of in-demand 1, 2, & 3-bed spacious floor plans (828 avg sf). Since its construction in 1988, the property has been meticulously maintained. Recent significant capital improvements have addressed historical maintenance needs and enhanced both common areas and individual units. With over 88% of units prime for renovation, Fawn Ridge offers substantial upside potential, combining a verifiable value-add program with organic rent growth driven by strong suburban Chicago market dynamics.

Fawn Ridge, located off Route 31, provides suburban living with access to McHenry and greater Chicago area. McHenry serves as the County's commercial hub with stable employment from Northwestern Medicine McHenry Hospital and industrial firms, driving residential growth and retail demand.

Fawn Ridge Apartments offers a rare opportunity to achieve scale with significant value-add upside in this dynamic Chicago suburb. This asset is available on an assumable OR free and clear basis.

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Attributes

Number of units

208

Occupancy

99%

Year built

1988

Building area net

17,501 m²

Number of buildings

Media

Investment Highlights

Rare Investment Upside
~$2.0M of capex investments since 2018
Significant remaining value-add opportunity (88% of homes)
Remarkably well-maintained property with significant historical deferred maintenance addressed
Stellar Property Performance
99% Occupied
Achieving 8.97% growth on new leases and 3.85% on renewals
Fantastic Submarket Fundamentals
3.5% 3-year projected average annual rent growth
5.50% population growth since 2020
Outstanding Area Amenities
Minutes from vibrant downtown McHenry and the greater Chain O’Lakes region
Leading healthcare options including Top 10 Ranking Northwestern Medicine McHenry Hospital