$9.0 Million Sale of Illinois Apartment

March 2017

FIDES Investment, LLC (“FIDES”) announces the sales of Park Crossing, a 32-unit apartment building located in Downers Grove, IL, and Maple Park, a 34-unit apartment building located in Naperville, IL.   FIDES joint ventured with a privately held investment firm that purchased the properties in January 2014.   The recent sale price was just under $140,000/unit.  The property level return equated to a 20% IRR and a 1.7x multiple. “Our strategy was to improve the curb appeal and unit interiors of the properties in conjunction with installing professional on-site management.   Additionally, we felt that property rents at acquisition were significantly below comparable properties.  Approximately 60% of the apartment units were renovated along with common areas at an approximate cost of $13,650/unit, which translated into rental rate increases of approximately 30% from takeover to disposition.    The strong location of these properties coupled with the renovation program provided our investors with attractive risk-adjusted returns,” said Gregg Handrich of FIDES.  FIDES oversaw the acquisition, renovation, asset management and sale process.