Sinatra & Co. JV buys 304-unit Timber Creek Apartments for $25.017 million

Woodridge, IL Sinatra & Company Real Estate has acquired Timber Creek Apartments for $25.017 million in a joint venture with Chicago-based residential property management and acquisitions firm, Stadt Group. The joint venture is financially backed by the Pritzker/Vlock Family Office. 

The 304-unit multifamily complex was built in 1974 and is located on 32.5 acres at 3421 Foxboro Dr. The Timber Creek Apartment complex is Sinatra & Company’s second asset in the Chicago real estate market.

The Sinatra-Stadt joint venture previously purchased Orchard Village Apartments in Aurora, IL for $34.5 million in November 2015.

Sinatra-Stadt’s strategic plan for the complex includes implementing a strong management and leasing platform coupled with a value-add plan that calls for in-unit and amenity upgrades. Woodridge attracts residents from three of the largest employment centers in suburban Chicago and is home to more than 13 million square feet of warehouse and industrial space, including one of the largest business parks in the Chicago area, International Centre.

“This property and its proximity to Oak Brook, the I-88 Corridor and the I-55 Corridor make it a perfect fit for our value-add investment strategy,” said Nick Sinatra, President of Sinatra & Company Real Estate. “While 40% of the units have been renovated by current ownership, substantial value-add and amenity expansion opportunities are available. Sinatra-Stadt will install a professional management and leasing operation and will invest heavily in common area and unit renovations to create a feature-rich community that will allow us to take advantage of the location and demand in the local rental market while also meeting the expectations of our current tenants and prospective tenants in the DuPage County submarket.”

Timber Creek Apartment complex is made up of six two-story apartment buildings and one 3000 s/f clubhouse and featured amenities include a fitness center, swimming pool, sundeck, volleyball court, patios/balconies, laundry rooms and tennis court. Planned exterior and common area additions to the complex include a car care center with a vacuum station, new dog park, upgraded landscaping, new site fencing, and modernization of the fitness center. In-unit interior planned upgrades include a brushed nickel energy efficient lighting package, brushed nickel hardware package, and vinyl plank faux wood floors throughout with carpeting in the bedrooms.