Pensam announced the purchase of Butterfield Oaks, a multifamily apartment in the Chicago metropolitan area. The 336-unit building, built in 2001, is located in Aurora, Illinois and sits in a residential neighborhood. The property consists of 21 two-story buildings.
The proposed business plan for the building includes substantial investment for upgraded unit interiors and enhanced common areas and amenities. Pensam also plans to establish proactive management practices through the use of rent optimization software to help increase revenue.
The median household income of the area is more than $100,000 and the building is located near top-rated schools and the Illinois Technology and Research Corridor. The Corridor includes 14 million square feet of office space, 94 million square feet of industrial space and is home to 134,000 jobs. Additionally, the area contains the headquarters or regional centers of many Fortune 1000 companies as well as several colleges, research and scientific institutions. The area also features proximity to Chicago Premium Outlets and retail centers.
Butterfield Oaks rests on 22.7 acres and features a newly renovated clubhouse, a 24-hour fitness center, an outdoor pool, detached garages, an outdoor lounge with fire pit and a dog park.