HFF Named to Market Sale of Preserve at Cress Creek in Naperville, IL

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been named to market for sale Preserve at Cress Creek, (above photo) a 474-unit multifamily community located in Naperville, Illinois.

HFF senior managing director Matthew Lawton, (top right photo) managing director Marty O’Connell (middle right photo) and director Sean Fogarty (middle left photo) will lead the investment sales team on behalf of the seller, Waterton Associates, LLC.

The property is being listed without an asking price and is subject to Freddie Mac debt that is to be assumed by the purchaser.

Situated in a 28-acre pond setting at 701 Royal St. George Drive, the Preserve at Cress Creek is located near downtown Naperville, approximately 30 miles southwest of Chicago.

The property has six residential buildings with one- and two-bedroom units averaging 934 square feet each. Community amenities include a clubhouse, fitness center, business center, laundry facilities, swimming pool and 72 detached garages.

The Preserve at Cress Creek underwent a $4 million renovation between 2000 and 2003, which included exterior improvements, common area upgrades and apartment home renovations.

Additionally, over the past two years, the property has undergone further renovation to exterior and interior areas including added upgrades to select apartment homes.

“The Preserve at Cress Creek presents an opportunity to enter the Naperville market with a strong rental product and one that gives an investor further opportunity to add value,” said Lawton.

“Naperville’s market continues to see a decline in apartment homes as there are currently five conversions underway that when completed will further reduce the apartment supply by 586 homes with no new supply in the pipeline.”

Waterton Associates was founded in 1995 and has acquired multifamily properties and other property types over the past 13 years and has completed over $2 billion in real estate investments to date.

Since its inception, Waterton Associates has acquired in approximately 40,000 apartments in 106 properties in most major metro areas in the U.S.

CONTACTS:

Matthew D. Lawton, HFF Senior Managing Director, 312 528 3650, mlawton@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com