The Flats at Gladstone

Consolidate the ownership of 31 six flats with 27 individual owners, implement institutional quality management, and reposition the asset as premiere ‘lower professional’ housing community in the area.

Initiated and completed acquisition over ten months, closing on 84% of the six-flat “Buildings;” the remaining Buildings are pending acquisitions.
Our intent is to renovate the apartments to offer an upscale living experience; repositioning the property with fully renovated apartments complete with private washer & dryer machines may achieve rents of $1,325, an increase of nearly 35% over estimated $967 existing rents.
Location is optimal: multifamily occupancy rates in this submarket are approximately 95% and even higher in B-Class apartments.
The employment base in DuPage County is among the best in the nation; the I-88 Corridor, accessible just a few miles south of the property, is a hub for many Fortune 500 companies and company headquarters spanning many industries.