Covey at Fox Valley_Property for Sale
Covey at Fox Valley_Property for Sale
2160 Walcott Road, Aurora, IL, 60504, US

Covey at Fox Valley

Asset description

Jones Lang LaSalle Americas (Illinois), L.P. (JLL) is pleased to present Covey at Fox Valley (the “Property”), a 216-home garden-style community located in the premier western suburb of Aurora, IL. This 97% leased community offers spacious 2-bedroom layouts, all with private balconies and patios. The Property offers an investor the opportunity to modernize interiors via the continuation of a verifiable value-add renovation program as well as numerous opportunities for further enhancements.


Nestled on the Aurora-Naperville border, residents of Covey at Fox Valley enjoy vibrant downtown areas of both suburbs, as well as an abundance of parks, golf courses, and nature preserves in the vicinity. The Property is proximate to top employers along the I-88 Tech & Research Corridor, renowned for dominant corporate presence and leading healthcare institutions. Additionally, the area is home to numerous companies, exceptional schools, and an array of retail and dining options suitable for all age groups to appreciate. This prime suburban location is just 35 miles west of Chicago with easy access to major thoroughfares, commuter stations, and airports. The Property is available on an all-cash basis.

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Attributes

Year built
1988
Units
216
Building area net
18,981 sm
Occupancy
97%

Media

Investment highlights

Ideal Investment Profile

» 96% Occupancy

» 13.8% Trade-outs on New Leases

» 81% Resident Retention in May

» Available Significantly Below Replacement Cost

» Stable DuPage & Kane County Taxes

» Verifiable Value-Add Program

» Only 2 Floor Plans throughout Property



Bulletproof Opportunity for Continued Growth

» $2,900,000 Strategic Capital Invested Since 2021 | Interior & Exterior Renovations / Additions

» 27% Achieved Rent Growth Since 2022

» $245 Achieved Renovation Premium | 29% ROC Since 2021

» 34 Remaining Classic Units Ready for Renovation | Additional Value- Add Opportunities throughout All Units

» $92,000 Resident HHI | 22% Resident Rent-to-Income Ratio Supports Rent Growth

» Market Demand for Further Living Enhancements & Additional Programmatic Fee Rollout



Favorable Submarket Forecast

» 98% Projected 5-Yr Avg. Occupancy

» 4% Projected 5-Yr Rent CAGR

» < 225 Units Under Construction within a 5-Mile Radius

» < 1,000 Projected Units Delivered through 2029 within Aurora Submarket



Irreplaceable Fox Valley Location

» Between Thriving Aurora and Naperville Downtowns

» 10-Min Drive from Booming I-88 Tech & Research Corridor Employment

» Adjacent to RUSH Copley Medical Center

» Immediate Access to Waubonsie Creek & Waubonsie Lake Park

» Parallel to Ogden Ave | Limitless Big-Box Retail & Recreation Options for Premier Suburban Lifestyle

» Serviced by 3 Desirable School Districts



Resort-Style Community

» Heated Pool, Tennis Court, Volleyball Court, Grilling Stations, and Sprawling Green Lawns

» Bespoke Fitness Room, Business Center, and Clubhouse Amenities

» Spacious Units with Expansive Patios & Balconies

» Value-Add Upside through Addition of Playground or Dog Park

Covey at Fox Valley 4_Property for Sale
Covey at Fox Valley 4_Property for Sale

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Covey at Fox Valley (0 Properties)

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Last updated
Jun 24, 2024