Avanti Properties Group has acquired a partially-developed residential community known as Springbank in Plainfield.
Located along the Interstate 55 corridor, south of Aurora and Naperville, the 955-acre community contains a mixture of finished, partially-finished, and raw single-family and townhomes representing a total of more than 1,660 dwelling units.
Avanti will manage and develop the property in conjunction with its development partner, Ocean Atlantic, a land development group with extensive experience in the Chicago metropolitan area.
Until the real estate market slowed during the recent regional and national economic downturn, Springbank’s prior owners and developers completed 360 single-family lots, of which well more than 200 were sold. In addition, they also constructed an extensive aquatic center, which serves not only the residents of Springbank itself, but also the larger Plainfield community.
Avanti underwrote its investment in Springbank with the belief that the Chicago real estate market will create significant demand over the medium-term, particularly in proven growth areas like Plainfield. Until then, the relative weakness in the market creates an excellent opportunity for Avanti to use its patient capital to improve the site as the economy gains strength.
In addition, Avanti was attracted to Springbank not only because it is located in an established growth and employment corridor, but also because the village of Plainfield itself has deep roots that date back to the 1820s.
Avanti also recently acquired another Chicago-area community, Grande Reserve, located in Yorkville.