Jackson Square Properties has sold an affordable housing community in the Chicago suburb of Bolingbrook, IL, to Alliant Strategic Investments and Nuveen Real Estate for $93.65 million.
The 789-unit affordable housing community, Riverstone Apartments, underwent a significant redevelopment between 2005 and 2007, using LIHTC equity.
JLL capital markets completed the sale on behalf of the seller. The firm additionally worked on behalf of the buyers to arrange $60.8 million in acquisition financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Max Optigo lender. The new owners will maintain the affordability requirements on all units through 2036.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
