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Chicago & Midwest   /   December 23, 2020

Paul Bubny
By: Paul Bubny

Ranch Townhomes Fetch $19M in Naperville

CBRE arranged the sale of Ashwood Place Apartments, a 60-unit ranch townhome community at 4209 Pond Willow Rd. in Naperville, IL. CBRE represented the seller, a regional private developer.

Ashwood Place Apartments was purchased by a national investment firm based in California for $18.55 million. CBRE’s Justin Ross and David Guenther represented seller S.R. Jacobson Development Corp.

Built in 2018, Ashwood Place Apartments presents private suburban single-story living to renters. S.R. Jacobson Development Corp. was one of the first to bring purpose-built townhome rental living to the Chicago suburbs.

“The property represents unique product in the market, and we were well-positioned to give it the proper exposure,” said Ross. “With an overwhelming amount of interest, investors were drawn to the strong market fundamentals in Naperville as well as the property performance and distinctive livability offered to tenants.”

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About the Author

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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