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400-unit Naperville complex lists as suburban market improves
Redwood Capital looks to sell Dwell at Naperville; paid $84M in 2017
Chicago-area home sales are hot, but in the suburbs, the multifamily market has also gained strength.
Believing now is the time to strike, Redwood Capital Group has listed its 400-unit Naperville complex, according to Crain’s. The firm hired CBRE to sell Dwell at Naperville at 1995 Yellowstone Drive.
Redwood spent $84 million on the development in 2017, according to the report. That pencils out to around $210,000 a unit. The complex, which is nearly fully occupied, has units asking up to $2,000 a month. The listing is being pitched as a value-add deal, with Redwood figuring the market is strong enough to allow for rent hikes after the buyer renovates and makes improvements.
Redwood’s move follows the decision in late March by Connor Group to list its 321-unit Glenmuir complex in Naperville. Connor Group is reportedly asking $100 million, far above its $80 million appraisal.
Other suburban apartments to hit the market include the 420-unit Fox Valley Villages and 416-unit Aspen Place, both in Aurora, and the 204-unit Lakeside Apartments in Wheaton, Crain’s noted.
[Crain’s] — Alexi Friedman