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Broadshore Times Exit from Naperville Apartment Hold
A joint venture of Broadshore Capital Partners and an investment client sold the 210-unit Fairways of Naperville apartment community in the western suburb of Naperville, IL. The buyer and financial terms of the deal weren’t disclosed; Moran & Co. represented Broadshore.
Broadshore acquired the garden-style property in 2016. The company performed extensive improvements to Fairways of Naperville, which hadn’t been renovated since its 1986 opening.
“With strong apartment demand, and a well-located and significantly improved asset, market conditions created an optimal time to realize the value added during our ownership,” said Broadshore SVP Alicia Fernandes.
The Naperville sale comes a few weeks after Los Angeles-based Broadshore traded The Boulders, a 161-unit apartment property in Boulder, CO, after a five-year hold. “These are mid-1980s, early-1990s era properties in very good locations and submarkets which fill a need for quality, affordable housing for working individuals and their families,” co-CEO Brad Howe said.
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