Alliant Strategic Investments (ASI), an investment firm focused on socially responsible multifamily investments, has purchased Riverstone Apartments, an affordable housing community located in Bolingbrook, Illinois, a suburb Southwest of Chicago. The purchase, made in partnership with Nuveen Real Estate, one of the largest real estate investment managers in the world, closed at $93.5 million, with $60.825 million in acquisition financing provided by JLL Real Estate Capital.
ASI and Nuveen anticipate maintaining the affordability requirements of all the units during their ownership. The investment firms believe this property will continue to serve an important role in its community providing quality and affordable housing for those who need it—a core tenet of their collective mandates.
The Riverstone Apartments underwent a significant redevelopment between 2005 and 2007 using Low Income Housing Tax Credit equity. The property consists of 789 studio, one- and two-bedroom units. ASI and Nuveen plan to improve the residential units and common areas, adding accessibility features, additional parking and providing services for the residents. Community amenities include a clubhouse, two outdoor pools, two fitness centers, media center and theater, volleyball and soccer courts, playground, business center and a dog park.
Located at 308 Woodcreek Dr., the transit-orientated property has direct access to Downtown Chicago via I-55 and is proximate to various employment hubs, including the 1,300-acre Argonne National Laboratory and a nearby 67.3-million-square-foot industrial/distribution center, and retail centers, such as the 1.2-million-square-foot Promenade at Bolingbrook mall.
Alliant Strategic Investments is focused on investments that help provide affordable housing and community growth in communities across the United States.
