BOLINGBROOK, IL – Alliant Strategic Investments (ASI), an investment firm focused on socially responsible multi-family investments, has purchased Riverstone Apartments, an affordable residential community in Bolingbrook, Illinois, a suburb southwest of Chicago. The purchase, made in partnership with Nuveen Real Estate, one of the largest real estate investment managers in the world, closed for $ 93.5 million and acquisition financing of $ 60.825 million provided by JLL Real Estate Capital.
ASI and Nuveen assume that the affordability requirements of all units will be met while they are in possession. The investment firms believe this property will continue to play an important role in their community by providing quality, affordable housing to those who need it – a central tenet of their collective mandates.
The Riverstone Apartments underwent a major renovation between 2005 and 2007 using low income equity tax credits. The property consists of 789 studio, one and two bedroom units. ASI and Nuveen plan to improve the residential units and public areas, add accessibility features, provide additional parking spaces and provide services to residents. Communal facilities include a clubhouse, two outdoor pools, two fitness centers, media center and theater, volleyball and soccer fields, playground, business center, and dog park.
The transit oriented property is located at 308 Woodcreek Dr. and provides direct access to downtown Chicago via I-55. It is close to a variety of employment centers including the 1,300 acre Argonne National Laboratory and a nearby 67.3 million square foot industrial / distribution center and retail hubs such as the 1.2 million square foot promenade at Bolingbrook Shopping Center.
"We look forward to introducing new programs to deliver positive social and economic impacts to residents while ensuring long-term affordability for the wider community," said Pamela West, executive director of Nuveen Real Estate.
"Alliant Strategic Investments values our partnership with Nuveen in the purchase of the Riverstone Apartments. This investment enables us to extend the life of an important affordable home," said Russell Ginise of ASI. "We know our investments are changing the lives of our residents and we want to continue to support communities like Bolingbrook in the US. We look forward to working with the mayor and local officials to improve and contribute to property." to the lively Bolingbrook community. "