WOODLAND HILLS, Calif., Might 11, 2021 /PRNewswire/ — Alliant Strategic Investments (ASI), an funding agency centered on socially accountable multifamily investments, has bought Riverstone Residences, an inexpensive housing group situated in Bolingbrook, Illinois, a suburb Southwest of Chicago. The acquisition, made in partnership with Nuveen Actual Property, one of many largest actual property funding managers on this planet, closed at $93.5 million, with $60.825 million in acquisition financing supplied by JLL Actual Property Capital.
ASI and Nuveen anticipate sustaining the affordability necessities of all of the items throughout their possession. The funding companies imagine this property will proceed to serve an essential function in its group offering high quality and inexpensive housing for individuals who want it—a core tenet of their collective mandates.
The Riverstone Residences underwent a major redevelopment between 2005 and 2007 utilizing Low Earnings Housing Tax Credit score fairness. The property consists of 789 studio, one- and two-bedroom items. ASI and Nuveen plan to enhance the residential items and customary areas, including accessibility options, extra parking and offering companies for the residents. Neighborhood facilities embody a clubhouse, two out of doors swimming pools, two health facilities, media heart and theater, volleyball and soccer courts, playground, enterprise heart and a canine park.
Positioned at 308 Woodcreek Dr., the transit-orientated property has direct entry to Downtown Chicago by way of I-55 and is proximate to numerous employment hubs, together with the 1,300-acre Argonne Nationwide Laboratory and a close-by 67.3-million-square-foot industrial/distribution heart, and retail facilities, such because the 1.2-million-square-foot Promenade at Bolingbrook mall.
“We look ahead to implementing new programming to offer constructive social and financial impression to the residents, whereas guaranteeing long-term affordability for the broader group,” says Pamela West, Managing Director of Nuveen Actual Property.
“Alliant Strategic Investments appreciates our partnership with Nuveen on the acquisition of the Riverstone Residences. This funding permits us to increase the lifetime of an essential inexpensive housing asset,” says Russell Ginise of ASI. “We all know that our investments are making a distinction within the lives of our residents, and need to proceed supporting communities like Bolingbrook throughout the US. We look ahead to working with the mayor and native officers as we search to reinforce the property and contribute to the colourful group in Bolingbrook. “
Alliant Strategic Investments is targeted on investments that assist present inexpensive housing and group progress in communities throughout the US.
About Alliant Strategic Investments:
Alliant Strategic Investments (ASI) focuses on socially accountable multifamily investments that straight impression the lives of America’s low-income and workforce residents. The preservation of inexpensive housing permits residents to take pleasure in the advantages of a secure, wholesome and secure surroundings. With in depth expertise underwriting, investing in, and managing inexpensive and market-rate multifamily properties, our principals carry deep business information and invaluable relationships with the nation’s prime multifamily companions. For additional info, go to alliantstrategic.com.
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SOURCE Alliant Strategic Investments
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