Lowe Enterprises Buys Naperville Apartments
While most eyes are focused on the multifamily happenings in Streeterville and downtown, it's wise to continue to pay attention to the suburbs, where investor demand for core and value-add assets may be as strong. The latest deal: Lowe Enterprises Investments acquired Fairways of Naperville, a 210-unit multifamily development, in an off-market deal.
The terms of the deal weren't disclosed, but Lowe plans to spend up to $4M in capital improvements including facility and interior renovations, and upgrades to the clubhouse, pool and deck, fitness center and tennis courts, and the addition of a dog park and barbecue grill.
Lowe Enterprises is in the midst of aggressively expanding its national multifamily portfolio. The firm previously bought the 612-unit Bourbon Square apartment community in Palatine in late 2014.
