Alliant Strategic Investments (ASI) has purchased Riverstone Apartments, a large affordable housing community in Bolingbrook, Illinois, a suburb of Chicago.
The purchase, made in partnership with Nuveen Real Estate, closed at $93.5 million, with $60.8 million in acquisition financing provided by JLL Real Estate Capital.
ASI, an investment firm focused on socially responsible multifamily investments, and Nuveen, one of the largest real estate investment managers in the world, anticipate maintaining the affordability requirements of all the units during their ownership, said officials.
The Riverstone Apartments, which features 789 studio, one-, and two-bedroom units, underwent a significant redevelopment between 2005 and 2007 using low-income housing tax credit equity.
ASI and Nuveen plan to improve the residential units and common areas, adding accessibility features, creating additional parking, and providing services for the residents.
"We look forward to implementing new programming to provide positive social and economic impact to the residents, while ensuring long-term affordability for the broader community," says Pamela West, managing director of Nuveen Real Estate.
Community amenities include a clubhouse, two outdoor pools, two fitness centers, a media center and theater, volleyball and soccer courts, a playground, a business center, and a dog park.
"Alliant Strategic Investments appreciates our partnership with Nuveen on the purchase of the Riverstone Apartments. This investment allows us to extend the life of an important affordable housing asset," says Russell Ginise of ASI. "We know that our investments are making a difference in the lives of our residents and want to continue supporting communities like Bolingbrook across the United States. We look forward to working with the mayor and local officials as we seek to enhance the property and contribute to the vibrant community in Bolingbrook. "