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EXECUTIVE SUMMARY Exceptional Proven Value-Add Opportunity in Highly-Desirable Naperville

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EXECUTIVE SUMMARY Exceptional Proven Value-Add Opportunity in Highly-Desirable Naperville EXECUTIVE SUMMARY Exceptional proven value-add opportunity in highly-desirable Naperville Holliday Fenoglio Fowler, L.P. (“HFF”) an Illinois licensed real estate broker. hfflp.com 2 RIVER RUN AT NAPERVILLE INVESTMENT RATIONALE olliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present River Run at Naperville, a 206-home garden- H style community, with the majority of the homes featuring townhome floor plans and direct-access garages, located in prestigious Naperville, IL. The property offers an investor immediate access to a premier suburban Chicago sub market and a proven value-add investment opportunity. INVESTMENT HIGHLIGHTS INCLUDE: OPPORTUNITY PROPERTY MARKET » Proven value-add road-map for an investor to » Unique, market-leading apartment features— » Naperville voted a “Best Place to Live” by Money seamlessly execute largest floor plans in the submarket,47% of Magazine » $2 million deployed on interior home upgrades, homes are townhomes and 53% of homes have » Naperville-Aurora is the highest ranked submarket community amenity updates, and exterior direct-access garages in Chicago for it’s 7.5% projected rent growth over improvements » High-end community with best-in-class amenities the next two years—double-digit rent increase in » One-of-a-kind asset given garden-style design, recently upgraded by current ownership submarket last three years serene yet convenient location, and layout » Excellent neighborhood demographics—$600-850k » Served by top-ranked Indian Prairie school system home values and $150k+ average household income with access to Naperville’s #1 ranked Neuqua Valley High School 3 RIVER RUN AT NAPERVILLE INVESTMENT RATIONALE OFFERING SUMMARY Property River Run at Naperville Address 1015 Preserve Avenue Naperville, IL 60564 Number of 11, two- and three-story apartment Buildings buildings 1 leasing office / clubhouse building Number of 206 Homes Rentable 271,094 SF Square Feet Average 1,316 SF Home Size Occupancy 94% (as of 7/31/16) Year Built 2003 Site Area 18.04 acres UNIT MIX HOMETYPE # OF HOMES SQ. FT AVERAGE ASKING RENT RENT PSF Parking 304 surface spaces 110 attached garage spaces 1x1 8 753 $1,369 $1.82 12 handicap-accessible spaces 2x1 14 1,034 $1,682 $1.63 426 total spaces 2x2 46 1,280 $1,802 $1.41 2x2.5 66 1,351 $1,883 $1.39 Parking Ratio 2.05 spaces per home 3x2 50 1,409 $2,119 $1.50 3x3 22 1,462 $2,207 $1.51 Financing Available "All-Cash" Total/Average 206 1,316 $1,923 $1.46 4 RIVER RUN AT NAPERVILLE INVESTMENT RATIONALE POOL AND LOUNGE AREA UPGRADED MEDIA LOUNGE COMMUNITY AMENITIES » Beautiful resort-style outdoor swimming pool » Resident business center and executive » 24-hour, fully-equipped fitness center conference room » Yoga studio » Outdoor entertainment area with barbeque grills » Newly renovated leasing center and clubhouse and firepit » Billards and rec room » Children’s playground » Kitchen and coffee bar » Nature trails » Bar and media lounge YOGA STUDIO OUTDOOR ENTERTAINING SPACE AND FIREPIT 5 RIVER RUN AT NAPERVILLE INVESTMENT RATIONALE APARTMENT FEATURES » Spacious floorplans LARGEST AVERAGE » Gas log fireplaces, with decorative mantle and hearth » Full-size washers/dryers FLOOR PLANS IN » Whirlpool black appliances and built-in microwave ovens » Beautifully-crafted cherry and maple cabinets THE MARKET » Oversized garden soaking tubs* » Double vanity with dual sinks in master bathrooms* » Linen closets and walk-in closets » Spacious patios/balconies* » Direct-access garages* » Fenced-in yard* *in select homes TOWNHOME LIVING Three Bedroom Three Bath/Garage 47% of homes are townhome layouts 2ND FLOOR Living Area ......... 1,462 SF Balcony ...................34 SF Garage .................. 280 SF * All floor plans are available in the document center 3RD FLOOR DIRECT ENTRYWAYS ATTACHED GARAGES in 53% of all homes 6 RIVER RUN AT NAPERVILLE INVESTMENT RATIONALE ORIGINAL CONSIDERABLE AND PROVEN VALUE-ADD UPSIDE Ownership has started both a full and partial value-add renovation program to home interiors. 77 homes have been been fully upgraded (37%) and 51 homes partially upgraded (25%), leaving considerable and proven upside. CURRENT VALUE-ADD PROGRAMS Full Partial Original Renovation Renovation PARTIAL RENOVATION Homes Renovated 77 51 78 Average Cost $8,600 $2,100 Rent Premium $133 $75 Return on Cost 18.6% 42.4% Two-tone Paint • USB Outlets • Plumbing Fixtures • 2" Faux Wood Blinds • Tile Backsplash* • Cabinet Fronts • Cabinet Pulls • Dark Cherry/ Dark Cherry/ Cabinet Color Dark Cherry FULL RENOVATION Honey Oak Honey Oak Upgraded Lighting Throughout Kitchen Only Gooseneck Faucet • • Faux Hardwood Flooring • • * select homes Note: Full renovations were completed by a third-party contractor. Partial renovations were completed in-house. 7 RIVER RUN AT NAPERVILLE INVESTMENT RATIONALE NEUQUA VALLEY HIGH SCHOOL PREMIER EDUCATION SYSTEM » Neuqua Valley High School is top high school in Naperville and ranks in top 4% nationally. » Neuqua Valley High School is ranked the #1 #3 high school in Naperville and boasts a Best Mid-Sized Cities for Education in America 99% graduation rate. Source: Movoto – 2014 TELLABS PROXIMITY TO TOP NAPERVILLE EMPLOYERS NAME EMPLOYEES Edward Hospital & 4,680 Health Services #14 Alcatel-Lucent / Nokia 3,400 Top Earning Towns Nicor Gas 2,140 BP 1,800 Source: Money Magazine, 2014 BMO Harris 1,200 Nalco 1,000 Tellabs 850 *Source: Naperville Development Partnership (2016) EXCEPTIONAL APARTMENT MARKET » 11.2% rent increase over last three years and a 4.6% rent increase year- over-year #1 » 96.4% Occupancy in 1Q16 For 2-yr rent growth Chicago » 7.5% projected effective rent growth Source: Movoto – 2014 over next two years 8 RIVER RUN AT NAPERVILLE INVESTMENT RATIONALE DOWNTOWN NAPERVILLE A visit to downtown Naperville is fun for the family with over 100 shops, restaurants, attractions, and regular community events. » VERY WALKABLE: The city has a walk score of 87. » SHOPPERS DELIGHT: Casually stroll over 100 shops including both national retailers and local favorites like Naper Nuts & Sweets and Little Luxuries. » ENJOYABLE EVENTS: Partake in regular concerts, book signings, charity events, and free tours. » UNIQUE ATTRACTIONS: Nearby draws include the Riverwalk, Centennial Beach, and the Millenium DOWNTOWN NAPERVILLE Carillon. RIVERWALK NAPERVILLE EXCEPTIONALLY LIVABLE amenities crime education employment housing A A A+ A A Source: Areavibes.com #2 #4 #7 Best Places to Live The Safest Cities in Best Cities for for Families Source: America Money Magazine - Source: Source: 2004-2006, 2008, Livability.com – 2015 2012, 2014 24/7 Wall Street 9 RIVER RUN AT NAPERVILLE INVESTMENT RATIONALE D U P A G AREA AMENITIES AND EMPLOYERS E R I V E R 56 Herrick Lake Ginger Woods Warrenville Road Forest Preserve 7 College of DuPage Oakbrookb Center Naperville Road DeVry Aurora Corporate Center Butterfield Road University McDonald’s Headquarters Butterfield East DePaul University West Ridge Corporate Center Alcatel-Lucent Blistex Headquarters Naperville Campus Ace Hardware Headquarters Farnsworth Navistar Unilever Cantera BP Redbox Headquarters International Warrenville Road Food Solutions Nicor Gas Commons Calamos Investments Eola Road Sun Coke Energy, Inc. Ronald Reagan Memorial Tollway Tellabs 88 Chicago Premium Outlets Northern Illinois University Nalco Diehl Road Naperville Campus Ronald Reagan Memorial Tollway National-Louis 88 Diehl Road McDowell Grove University White Oak Country County Forest Preserve Molex Mill Street AT&T 34 Business Park Lakes Lisle Country Club ► ago Vision Center hic C wn 53 to n ow Orchard 88 D o t Business Park Ogden Avenue Prime Aurora Yackley Avenue Washington Street Drive time to Business Park Naperville Eola Road Eola D Lincoln Avenue Landmark U Business Parks P Benedictine River Run at Naperville Business Park Metra BNSF CommuterA Railway G University E DOWNTOWN Route 59 59 R Chicago Aveune Downtown Naperville 11 min I V NAPERVILLE Farnsworth Avenue E Meridian Business Park R Chicago355 35 min North Central Metra BNSF Commuter Railway 34 Yorkshire Plaza College Meijer Aurora Avenue Seven Brides Neuqua High School 7 min Waubonsee College Road Golf Club Naper Boulevard Liberty Street Community College Westridge Court Edward Hospital Business Park Westfield Recreation Aurora & Health Services Oakbrook Center Mall 29 min Fox Valley Mall Mariano’s University Washington Street Fox River Commons Sam’s Club Fox Valley Mall 14 min Shetland Oakhurst Trader Joe’s D Hobson Road U 53 Business Park County P Forest A G Edward Hospital & 15 min Preserve • Home Depot E Bell-Gale • Whole Foods R 75th Street I (IndustrialOhio Street Condos) 33 Health Services • Costco 75th Street V E Sport’s Authority • Lowe’s R Ogden Avenue O’Hare International Airport 39 min Waubonsie 34 Naper Boulevard Valley High School Eola Road Meadow Lakes 59 Caterpillar, Inc Corporate Park Springbrook Prairie Forest Preserve Green Valley Rush-Copley 83rd Street Forest Preserve Medical Center Springbrook • JC Penney Y Sports Golf Course • Menards Castle Complex YMCA • Sam’s Club Orthopaedics White Eagle 55 Golf Course Wheatland Sports Zone Park Industrial Park Prommade Naperville • Kohl’s Bolingbrook Public Library Dupage River • Marshalls 355 LA Fitness Neuqua Valley Sports Complex • Pier 1 Imports • AMC High School • Best Buy • Target LEGEND • Chipotle 95th Street • Hobby Lobby • Five Guys Walgreens Business Parks • Jewel-Osco LabCorp Governors State • New Balance Dunkin’ Donuts University Naperville Sports Top Employers Authority • Oberweis Meijer • Panera • Potbelly Dunkin’ Donuts Education • Starbucks Papa John’s Home Depot 248th Avenue 103rd Street Book Road West Suburban Bank Retail Recreation 59 55 • Chase Bank • Discount Tire • The Melting Pot Walgreens Naperbrook • Petsmart Golf Course • Red Mango 111th Street Hassert Blvd • US Bank RIVER RUN AT NAPERVILLE 10 CONTACTS INVESTMENT SALES MARTY F. O’CONNELL AMANDA B. FRIANT Managing Director Real Estate Analyst [email protected] [email protected] 312.528.3653 312.300.7298 SEAN P. FOGARTY FINANCING Managing Director [email protected] MATTHEW SCHOENFELDT 312.528.3675 Managing Director [email protected] WICK B. KIRBY 312.528.3686 Associate Director [email protected] HFF CHICAGO 312.980.3611 181 West Madison Street KEVIN M.
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