CBRE has arranged the sale of Ashwood Place Apartments, a 60-unit ranch townhome community located at 4209 Pond Willow Road in Naperville, Illinois. CBRE represented the seller, a regional private developer; a national investment firm based in California acquired the asset for $18.55 million in a transaction that closed December 9th, 2020.
Built in 2018, Ashwood Place Apartments presents private suburban single-story living to renters, who enjoy townhome-style suburban living as part of a boutique community.
CBRE’s Justin Ross and David Guenther represented the seller, S.R. Jacobson Development Corp, in the transaction. S.R. Jacobson was one of the first developers to bring purpose-built townhome rental living to the Chicago suburbs and is actively building a 294-unit property in Orland Park, Illinois that contains a mix of townhomes, villas and community amenities.
“We were very proud to work on this assignment,” said Ross. “The property represents unique product in the market, and we were well positioned to give it the proper exposure. With an overwhelming amount of interest, investors were drawn to the strong market fundamentals in Naperville as well as the property performance and distinctive livability offered to tenants.”