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| Stone Crossing Apartments, 1240 Nantucket Road, Aurora, IL |
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| David Gaines |
CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF)
announces the sale of and acquisition financing for Stone Crossing
Apartments, a 258-unit apartment community in the Chicago suburb of Aurora,
Illinois.
The HFF team marketed the property exclusively on behalf of the seller,
a partnership between Graycliff Capital Partners, LLC, Buligo Capital Partners
and The Ferndale Realty Group, and procured the buyer, Cunat Inc.
Additionally, HFF worked on behalf of the new
owner to secure a three-year, floating-rate acquisition loan through Bridge
Debt Strategies Fund Manager LLC, a subsidiary of Bridge
Investment Group LLC, which currently manages over $12 billion of assets under
management.
Stone Crossing Apartments is located at 1240 Nantucket Road
approximately two miles south of Interstate 88 and three miles from downtown
Aurora.
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| Sean Fogarty |
The property’s
location offers accessibility to suburban Chicago’s major employment corridors,
as well as leading regional healthcare providers and multiple retail and
entertainment amenities.
Stone Crossing
consists of three two-story townhome buildings comprising three-bedroom units
averaging more than 1,200 square feet each and two three-story apartment
buildings comprising a mix of one- and two-bedroom apartment units averaging
more than 760 square feet.
Cunat Inc. acquired Stone Crossing as a value-add opportunity with
plans to completely upgrade, renovate and re-brand the community under the new
name, Arbor West. Cunat Inc. will renovate unit interiors, demolish the
current community buildings, and build a new leasing office, clubhouse and
indoor pool.
The parking lot and
landscaping will also be rehabbed, which will reposition the property into a
new class of apartments in Aurora. Home and property amenities currently
include white kitchen cabinetry with brushed nickel hardware, tile backsplashes
in the kitchen and an outdoor picnic area with grills. The community was
97 percent occupied at closing.
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| Trent Niederberger |
The HFF investment advisory team representing the seller included
senior director David Gaines and senior managing director Sean
Fogarty.
HFF’s debt placement team representing the borrower included senior
directors Trent Niederberger and Jason Bond.
Graycliff Capital Partners is a real estate investment company focused
on pursuing value-add investments in high-growth markets.
Graycliff’s
principals bring over 119 years of combined experience in capital markets,
construction and property management to every investment strategy pursued by
the firm.
To date, the firm has raised over $230 million in equity for
$800 million in real estate transactions that encompass 7,449 units managed
across 36 properties.
Buligo Capital Partners is
a global real estate investment firm that provides investors with the
opportunity to invest globally alongside experienced operators.
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| Jason Bond |
The Ferndale Realty Group is a Boulder, Colorado-based real estate
investment company focused on the acquisition and ongoing operations (through a
licensed real estate company) of apartment communities throughout the United
States.
Founded by Brian and John Cunat in 1976, Cunat Inc. has developed,
acquired, rehabilitated, operated and managed dwelling rental property
throughout the Midwest for over 40 years.
Cunat Inc.’s investment strategy is anchored in the repositioning of undervalued properties and operating them under the firm’s in-house property management division.
Cunat’s in-house Asset Acquisition, Asset Reconstruction and Asset Management
teams work closely to identity properties that fit the company’s
value-enhancement profile and develop strategic plans for the rehabilitation
and long-term stabilization of each investment.
Cunat Inc.’s investment strategy is anchored in the repositioning of undervalued properties and operating them under the firm’s in-house property management division.
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| John Cunat |
CONTACTS:
DAVID GAINES
IL Lic. #475.137087
HFF Senior Director
(312) 528-3650
TRENT NIEDERBERGER
IL Lic. #475.153065
HFF Senior Director
(312) 528-3682
JASON BOND
IL Lic. #475.159000
HFF Senior Director
(312) 528-3650
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500
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