Pensam, a nationally recognized multifamily real estate investment firm managing over $3 billion in assets across its equity and lending platforms, is pleased to announce the acquisition of Lakeside Apartments in Wheaton, Illinois and Aspen Place Apartments, in Aurora, Illinois.
“The acquisition of Lakeside and Aspen Place reflects our conviction in the stable market fundamentals across most of Chicago’s suburbs, and in our management strength in those markets,” said Hen Shoval, Principal and Director of Investments at Pensam. “Both properties provide a unique opportunity to add value through selective capital improvements and management practices.”
Lakeside Apartments consists of 204 units and is located at 1750 22nd Street in Wheaton, in an affluent submarket featuring average household incomes of over $100,000. Amenities include a renovated clubhouse, leasing and fitness center, conference room, grilling stations, and a large swimming pool with a sundeck and firepit.
Aspen Place Apartments, located at 826 Terrace Lake Drive, is made up of 416 units, 168 of which are townhomes with attached garages. Amenities include a recently renovated clubroom, leasing and fitness center, conference room, grilling station, and a large swimming pool with a sundeck.
Aurora is the second most populous city in Illinois and is home to six Fortune 500 companies. Both Aurora and Wheaton provide residents easy access to three of Chicago’s largest employment centers – Oak Brook, the I-88 Corridor, and the I-55 Corridor.