Holliday Fenoglio Fowler, L.P. (HFF) announced the sale of and acquisition financing for Stone Crossing Apartments, a 258-unit apartment community in the Chicago suburb of Aurora, Illinois. The HFF team marketed the property exclusively on behalf of the seller, a partnership between Graycliff Capital Partners, Buligo Capital Partners and The Ferndale Realty Group.
Additionally, HFF procured the buyer, Cunat Inc., and worked on their behalf to secure a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC, which currently manages over $12 billion of assets under management. The HFF investment advisory team representing the seller included senior director David Gaines and senior managing director Sean Fogarty. HFF’s debt placement team representing the borrower included senior directors Trent Niederberger and Jason Bond.
Stone Crossing Apartments is located at 1240 Nantucket Road, approximately two miles south of Interstate 88 and three miles from downtown Aurora. The property’s location offers accessibility to suburban Chicago’s major employment corridors, as well as leading regional healthcare providers and multiple retail and entertainment amenities. Stone Crossing consists of three two-story townhome buildings comprising three-bedroom units averaging more than 1,200 square feet each and two three-story apartment buildings comprising a mix of one- and two-bedroom apartment units averaging more than 760 square feet.
Cunat acquired Stone Crossing as a value-add opportunity with plans to completely upgrade, renovate and rebrand the community under the new name, Arbor West. Cunat will renovate unit interiors, demolish the current community buildings and build a new leasing office, clubhouse and indoor pool. The parking lot and landscaping will also be rehabbed, which will reposition the property into a new class of apartments in Aurora. Home and property amenities currently include white kitchen cabinetry with brushed nickel hardware, tile backsplashes in the kitchen and an outdoor picnic area with grills. The community was 97 percent occupied at closing.