Managing director Matthew Lawton, managing director Marty O'Connell and director Sean Fogarty, all with Holliday Fenoglio Fowler LP, are marketing the property. The site is reportedly expected to fetch as much as $59.2 million.

The apartment community is located on 28 acres about a mile from this city's downtown, Fogarty says. "Naperville is one of the prime markets in Chicago," he says. The complex has six apartment buildings in addition to a clubhouse, fitness center, business center and 72 detached garages. The complex has one- and two-bedroom units with an average size of 934 sf. Preserve at Cress Creek is currently 95% occupied, Fogarty says. Rental rates range from $725 to $1,300, according to information on the Waterton Associates website.

Waterton bought the property in 2006 from the California State Teachers' Retirement System, which is still a partner for the property. The complex was renovated between 2000 and 2003, including exterior improvements, upgrades to the common areas and renovations to the units. The cost of the renovations was $4 million, Fogarty says. During the past two years, Waterton has also performed about $1 million of renovations during the last year "with some upgrades to the interior of the units." However, the property would still be considered a value-add acquisition, he tells GlobeSt.com. A Freddie Mac loan would be assumed by the buyer. The existing mortgage is reportedly $29.3 million and matures in October 2014.