Railway Plaza, Naperville, IL
NAPERVILLE, IL—Less than two months after a partnership of BH Equities of Des Moines, IA and New York City-based Cantor Fitzgerald spent $78 million for a multifamily property in Aurora, IL, the partnership has added more than 400 units here to its portfolio.
BH Equities and Cantor Fitzgerald has acquired the 417-unit Railway Plaza property in Naperville. Crain's Chicago Business reports the purchase price was $96 million for the garden-style complex that features 13 buildings.
Newmark Knight Frank Multifamily reports it arranged more than $61 million in financing in connection with the purchase of the property that was completed in 2000 and is located adjacent to Route 59 Metro Station.
A team consisting of executive managing director Bill Weber, managing director Henry Stimler and VP Daniel Sarsfield of NKF's Multifamily Capital Markets group worked with lender, Freddie Mac, to finance the 10-year fixed-rate loan of $61.073 million on behalf of Cantor Fitzgerald and operating partner BH Equities.
"This acquisition on behalf of BH Equities and Cantor Fitzgerald showcases the strength of the multifamily market in growing areas across the country," Stimler says. "Multifamily properties like Railway Plaza that are well-maintained and well-located continue to be a strong choice for institutional investors looking to expand their portfolio of properties."
Railway Plaza features a mix of one-bedroom and two-bedroom units as well as a renovated clubroom that includes a 24-hour fitness center, lounge, resort-style outdoor swimming pool and sundeck, outdoor grilling stations and a fire-pit.
In November, BH Equities and Cantor Fitzgerald acquired the 368-unit Aurora at Summerfield community in Aurora, IL for a reported purchase price of approximately $78 million.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
