The new owners of the Fairways of Naperville plan to spend $4 million renovating the 17-acre, 210-unit apartment complex, adding such amenities as a dog park and new outdoor cooking areas.
Andy Sands, managing director of California-based Lowe Enterprises Investors, said the 970 Fairway Drive property has not seen any major renovations or changes since it was built in 1986. That made it an attractive investment, he said.
“We like the fundamentals,” said Sands, who is based in Chicago. “It’s a nice property with lots of land and a solid tenant base. It’s time the property get its first overhaul.”
The complex includes the residential buildings as well as a clubhouse, a fitness center and an on-site leasing office, all of which will be updated. Apartment units include one-, two- and three-bedroom units, each with a balcony or patio and washer and dryer units.
“We plan to substantially refurbish and modernize the units and facilities and enhance the resident amenities to reposition it in this strong leasing market that has a very low vacancy rate and high demand,” Sands said. “We view it as a great opportunity to add value and improve the amenities of the property.”
The residential units will be redesigned in a “contemporary design scheme and color palette with new carpet and flooring, new appliances, upgraded kitchen and bathroom cabinets and countertops, new doors, fixtures and paint,” according to a news release on the “off-market” purchase.
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Sands said work will begin soon, with the first few apartment upgrades expected in the next 60 days. The majority of work over the next year will be to the common areas and outdoor facilities. Improvements to individual units will be done after tenants move out and prior to new tenants moving in. Apartment renovations will take less than 30 days to complete, with between five and seven units done per month, Sands said.
“It will not be a disruptive process to the tenants and will take two to three years to complete,” he said.
The renovations will result in monthly rents going up, but what those figures will be are not yet known, Sands said. According to Apartments.com, current rent at Fairways of Naperville ranges from $1,110 to $1,780 per month. One-bedroom apartments are about 700 square feet while three-bedroom units have about 1,150 square feet, according to the website.
The price of Lowe’s acquisition of the Fairways of Naperville, 970 Fairway Drive, was not disclosed. Lowe acquired it from Naperville Housing Partners Limited Partnership.
Alex Keown is a freelance reporter for the Naperville Sun.