Aventine at Oakhurst North Apartments
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Hayman Company is pleased to announce the acquisition of Aventine at Oakhurst North Apartments, a Class A multifamily community (Class A location) comprised of 464 apartments, strategically located in the vibrant North Aurora/Naperville submarket of Chicago.
- Over the past five years, Aventine has received an investment of $5.6 million for apartment renovations and exteriors/common area improvements. The curb-appeal is excellent, and all apartments have private entries, washers/dryers, nine-foot ceilings, large floorplans, and numerous windows providing additional natural light.
- The seller has completed a moderate renovation of 70% of the apartment interiors. Hayman’s renovation of the 144 classic apartments will include new counters, stainless-steel appliances, classic backsplash, faux-wood flooring, modern lighting, levered door hardware, two-tone paint, and two-inch blinds.
- Hayman Company will invest an additional $3 million in the amenities and exterior/common areas to further enhance the curb appeal and attractiveness of Aventine. Aventine’s amenities include a large, modernized clubhouse, large fitness center, indoor pool, outdoor pool, grilling area, playground, and bark park.
Well-established multifamily community in a highly-desirable, Class A location.
- Residents of Aventine enjoy outstanding schools (Indian Prairie/Naperville 204), quick access to major employers, successful retail centers, suburban downtowns (restaurants and entertainment), highways (I-88, I-355, and I-294), and commuter rail to downtown Chicago.
- The in-fill location, with high barriers to entry, has limited new supply that possesses rents hundreds of dollars higher than the proforma, post-renovation rents for Aventine. Most apartment communities in the submarket have institutional owners who continually invest in and maintain their properties.
- High household incomes ($107,000) and home values ($317,000) in a one-mile radius.
The year-one capitalization rate of 5.0%, combined with a new, 10-year interest only loan, provides excellent cash-on-cash returns and a strong IRR.
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For future equity investment opportunities, please contact Hayman Company
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John Cohen
Senior Vice President
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Jeff Levin
Vice President
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Should you have any questions regarding your investments and IMS account,
please feel free to contact the Investment Relations Team
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Elizabeth Rogers
Vice President
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Maureen Henderson
Investor Relations Assistant
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29100 Northwestern Hwy. Ste. 410
Southfield, MI 48034
248-879-7777
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