WOODLAND HILLS, Calif., May 11, 2021 /PRNewswire/ -- Alliant Strategic Investments (ASI), an investment firm focused on socially responsible multifamily investments, has purchased Riverstone Apartments, an affordable housing community located in Bolingbrook, Illinois, a suburb Southwest of Chicago. The purchase, made in partnership with Nuveen Real Estate, one of the largest real estate investment managers in the world, closed at $93.5 million, with $60.825 million in acquisition financing provided by JLL Real Estate Capital.
ASI and Nuveen anticipate maintaining the affordability requirements of all the units during their ownership. The investment firms believe this property will continue to serve an important role in its community providing quality and affordable housing for those who need it—a core tenet of their collective mandates.
The Riverstone Apartments underwent a significant redevelopment between 2005 and 2007 using Low Income Housing Tax Credit equity. The property consists of 789 studio, one- and two-bedroom units. ASI and Nuveen plan to improve the residential units and common areas, adding accessibility features, additional parking and providing services for the residents. Community amenities include a clubhouse, two outdoor pools, two fitness centers, media center and theater, volleyball and soccer courts, playground, business center and a dog park.
Located at 308 Woodcreek Dr., the transit-orientated property has direct access to Downtown Chicago via I-55 and is proximate to various employment hubs, including the 1,300-acre Argonne National Laboratory and a nearby 67.3-million-square-foot industrial/distribution center, and retail centers, such as the 1.2-million-square-foot Promenade at Bolingbrook mall.
"We look forward to implementing new programming to provide positive social and economic impact to the residents, while ensuring long-term affordability for the broader community," says Pamela West, Managing Director of Nuveen Real Estate.
"Alliant Strategic Investments appreciates our partnership with Nuveen on the purchase of the Riverstone Apartments. This investment allows us to extend the life of an important affordable housing asset," says Russell Ginise of ASI. "We know that our investments are making a difference in the lives of our residents, and want to continue supporting communities like Bolingbrook across the United States. We look forward to working with the mayor and local officials as we seek to enhance the property and contribute to the vibrant community in Bolingbrook. "
Alliant Strategic Investments is focused on investments that help provide affordable housing and community growth in communities across the United States.
About Alliant Strategic Investments: Alliant Strategic Investments (ASI) focuses on socially responsible multifamily investments that directly impact the lives of America's low-income and workforce residents. The preservation of affordable housing allows residents to enjoy the benefits of a safe, healthy and stable environment. With extensive experience underwriting, investing in, and managing affordable and market-rate multifamily properties, our principals bring deep industry knowledge and invaluable relationships with the nation's top multifamily partners. For further information, visit alliantstrategic.com.
Media Contact: Adam Bernards Senior Account Director, Vested [email protected], (416) 322-2863