CHICAGO, IL - Lowe Enterprises Investors, in a joint venture with an investment client, has acquired the 400-unit AMLI at St. Charles apartment community in the fast-growing Chicago suburb of St. Charles, IL, and renamed the property Ascend St. Charles. Located at 100 Lakeside Drive, 40 miles west of Chicago, the garden style property includes 20 three-story residential buildings spread across 25 acres.
“Ascend St. Charles offers a rare opportunity to acquire a well located and exceptionally well maintained property from its original owner in a premier residential market,” said Andy Sands, managing director of Lowe Enterprises Investors. “St. Charles is a desirable, family friendly area with an excellent school system that is conveniently located near the many major employers along the renowned Illinois Technology Corridor on Interstate 88 as well as those along the I-90 Corridor.”
Built in 2000, the property offers a mix of one- and two-bedroom units all with washer/dryer, walk in closets, and a patio or balcony. Many units also offer gas fireplaces, wood flooring, and detached or attached garage with a private entrance. The resort-style grounds are beautifully landscaped with walking paths and a lake, as well as a pool with sundeck, a clubhouse and a sand volleyball court. Ascend St. Charles also offers the convenience of two fitness centers, a business center with conference room and a multimedia center with surround sound.
“We will begin upgrading the units to keep them up to date with the latest finishes. We will also be making improvements to the fitness center, clubhouse and landscaping,” noted Sands. “Further, upgrades will be made to the property’s many outdoor amenities including the addition of a dog park and grilling areas.”
Ascend St. Charles is located just minutes from historic downtown St. Charles on the banks of the Fox River, known for its entertainment, shopping and dining options as well as the historic architecture of its landmark buildings. The nearby Metra commuter rail offers service to downtown Chicago.
LEI’s acquisition team was led by Andy Sands. Greystar has been retained to provide property management services. Moran & Co. represented AMLI and Hunt Mortgage Group arranged financing for the transaction.
Ascend St. Charles is the latest addition to LEI’s growing multifamily investment portfolio in select markets across the country. In the greater Chicago area, the firm’s portfolio includes the 612-unit Bourbon Square apartment property in Palatine, the 210-unit Fairways at Naperville and the recently acquired 239-unit Reserve at Glenview in Chicago’s North Shore area. LEI continues to seek multifamily and commercial acquisition and development opportunities nationwide.