Fairways of Naperville

970 Fairway Dr, Naperville, IL 60563

Ansonia acted decisively to acquire this 210-unit asset in affluent Naperville after discovering that pricing fell short of expectations. We expect to generate an attractive cash yield as a result of acquiring this property at a favorable cap rate and leveraging it with a long-term fixed-rate Agency loan. The asset’s long-term value is supported by excellent access to transportation and a location within walking distance of the Metra station, proximity to excellent schools, a job-rich community, and an attractively landscaped low-density site. The investment profile is less risky as prior ownership invested to update the clubhouse, amenities, hallways and validated a sizable renovation premium by upgrading a majority of the units. Ansonia’s “value add” improvement plan targets a higher finish level and premium for the remaining apartments, which will be upgraded with renovated kitchens and baths, new doors and base, vinyl plank flooring and energy-saving improvements.

2 E. 8th

Chicago, Illinois
330 units

Ansonia affiliate purchased the non-performing first mortgage note on this 28-story mixed-income high-rise provided a path to acquisition of the fee interest at a time when tax considerations ruled out a sale by the owner. Ultimately the property was acquired by a deed-in-lieu of foreclosure. Net operating income from the 330 apartments, 204 parking spaces and 30,000 square feet of retail space increased by more than 150% in the first full year of operation, as new management practices were implemented and rents were rationalized and brought to market rates. To help support the repositioning of the property, the common areas were renovated and deferred life-safety and maintenance items were addressed.