Standard, The Vistria Group Acquire Aurora Multifamily for $93M
Standard Real Estate Investments and The Vistria Group have acquired Fox Valley Villages, a 420-unit residential rental community located in the Naperville/Aurora submarket within the Chicago MSA.
Standard and Vistria acquired Fox Valley for $93.2 million and plan to preserve long-term affordability for more than half of the apartments in this community. With the acquisition of Fox Valley Villages, Standard and Vistria jointly own 836 units in this submarket.
Situated on 21 acres, Fox Valley Villages has 18 three-story buildings. The community has 208 one-bedroom, 212 two-bedroom residences and an occupancy of 97%. Standard and Vistria plan to invest over $8 million in building improvements and renovations.
“The Aurora/Naperville submarket is among the strongest in the Chicago MSA with a high barrier to entry,” said Jerome Nichols, President and co-founder of Standard. “We continue to seek opportunities to acquire high-quality apartment communities through the Midwest, Mid-Atlantic, and West Coast.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout