Standard Real Estate Investments, LP and The Vistria Group, LP acquired Fox Valley Villages, a 420-unit residential rental community in Aurora, Illinois.
Standard and Vistria acquired Fox Valley for $93.2 million and plan to preserve long-term affordability for more than half of the apartments in this community, ensuring that rents remain accessible to families from a wide range of socioeconomic backgrounds. With the acquisition of Fox Valley Villages, Standard and Vistria jointly own 836 units in this submarket.
Situated on 21 acres, Fox Valley Villages boasts 18, three-story buildings, as well as a free-standing clubhouse, fitness center and maintenance garage located within the Indian Prairie Community School District 204, one of the top 10 districts in Illinois, and just south of the I-88 Technology & Research Corridor, a major center for Fortune 500 companies and corporate headquarters. It is also just four miles from the Naperville Route 59 commuter rail station that provides easy access to downtown Chicago and neighboring communities featuring a variety of boutique shops, upscale dining options and rich cultural offerings.
The community has 208 one-bedroom, 212 two-bedroom residences and an occupancy of 97%. Standard and Vistria plan to invest over $8 million in building improvements and renovations and further enhance the desirability and value of the asset. Residents at Fox Valley Villages enjoy a number of amenities including two resort-style swimming pools, a community clubhouse, fitness center, soccer field, dog park, and BBQ picnic areas.
