Naperville Multifamily Community Selling for $66.7M

Grand Reserve of Naperville

Grand Reserve of Naperville

Resource Real Estate Opportunity REIT II, Inc reported Monday that it has agreed to purchase a 319-unit multifamily community in Naperville, IL for $66.7 million plus closing costs.

The buyer did not reveal the name of the property, identifying it only as a 326,630 square foot property built on a 19-acre site in 1997. This profile matches the 319-unit Grand Reserve of Naperville, a 326,630 square foot apartment community built on 19 acres in 1997.

Moran and Company recently listed the Grand Reserve of Naperville on behalf of the seller, identified by ChicagoRealEstateDaily.com as Chicago-based Heitman.

The property is currently 94 percent leased and features amenities including a swimming pool and a fitness center, according to Resource Real Estate Opportunity REIT, which says it intends to renovate the common area amenities and upgrade the unit interiors.

Resource Real Estate Opportunity REIT also says it is acquiring a multifamily community in Boulder, CO for $65.2 million. Constructed in 1991 and 96 percent leased, the 183,615 square foot Boulder property has 216 units on a 24-acre site with amenities including a swimming pool and a business center.

Resource Real Estate Opportunity REIT says it may forfeit up to $2.5 million of earnest money if it is unable to complete either acquisition.