Rockwell Partners, a Chicago-based real estate investment and property management firm, has successfully deconverted Huntington Condominiums, a 356-unit residential complex located in Naperville, Illinois, a western suburb approximately 30 miles west of Chicago.
In 2016, Rockwell initially purchased 313 unsold condominium units from the developer. During the succeeding two years, Rockwell cooperatively worked with the remaining individual unit owners and their lenders to work out mutually acceptable sale agreements for the outstanding 43 units.
Originally constructed in three phases beginning in 1973, Huntington sits on a 21-acre site just east of downtown Naperville. The property consists of 16 buildings totaling 356 units, a clubhouse, two pools, tennis courts and a recreational park. The property was acquired and subsequently converted to condominiums in February 2007 by former ownership. Due to economic conditions at the time, only 43 units sold, resulting in the fractured ownership state.
“Huntington is another example of a residential complex located in an extremely vibrant community that suffered as a result of the economic downturn of the last decade,” said Doug Fisher, a principal at Rockwell Partners. “Rockwell understands the needs of these residents, how to help them and how to revitalize a community that had deteriorated physically and financially.”
Since the original purchase of 313 units, Rockwell has improved Huntington’s common areas, in-unit finishes and features, clubhouse and property amenities. The company also took over property management responsibilities for the complex.