The operating partnership of Philadelphia-based Independence Realty Trust, Inc. has entered into an agreement to acquire the property known as The Reserve at Eagle Ridge in Waukegan, IL for $29 million.
The seller, JRC/CSE Eagle Ridge JV, has agreed to pay off and retire its existing financing on the property.
The property has 370 apartment units comprised of six studios, 130 one bedroom, one bathroom apartments, 156 two bedroom, one bathroom apartments and 78 two bedroom, two bathroom apartments with an average size of 817 square feet. Unit amenities include dishwashers and in-unit washer/dryers in 312 apartments.
Property amenities include parking, a swimming pool and sun deck, community room, children’s playground and a fitness center. As of August 2013, the property’s occupancy rate was 95.3% and the average monthly effective rent per occupied unit was $900. The last major renovation of the property was completed in 2008.
Independence Realty Trust, Inc. may terminate the purchase agreement with or without cause prior to the expiration of the due diligence period. If it terminates the purchase agreement after the expiration of the due diligence period, its deposit will be non-refundable.
The purchaser expects to finance a portion of the purchase price pursuant to its secured revolving credit facility with The Huntington National Bank and the remainder with available cash.