Lowe Enterprises Investors (LEI) said this week it has acquired the 210-unit Fairways of Naperville apartment community as part of a joint venture.
The 17-acre garden-style property in Naperville includes 13 two-story buildings as well as a clubhouse, a fitness center and a leasing office.
“The Fairways of Naperville is ideally located for employees working along the renowned Illinois Technology Corridor on Interstate 88, as well as Chicago commuters desiring a quieter lifestyle outside of the city,” LEI Managing Director Andy Sands said. “This is an exceptional property that has not been renovated since it was built in 1986. We plan to substantially refurbish and modernize the units and facilities and enhance the resident amenities, to reposition it in this strong leasing market that has a very low vacancy rate and high demand.”
Fairways of Naperville offers one-, two-, and three-bedroom units, each with a balcony or patio and a washer/dryer. The units and common areas have not been renovated since opening. LEI will invest $4 million to update the space as a whole. Some improvements include adding a dog park and barbecue grills to gathering spaces while updating the clubhouse, recreational areas and landscaping. The interiors of the units will be substantially updated.