Equity Multiple Return
Property Type: Multifamily
Sold in Q3 of 2017, Clarendon Arms Apartments is an 84 unit garden-style apartment complex located in Clarendon Hills, IL. This well maintained property features 1 bedroom/1 bath apartments and 2 bedroom/2 bath apartments located in the affluent Hinsdale Central High School District. Amenities include an outdoor heated pool, on-site management and maintenance, laundry facilities, and storage lockers for each apartment.
The property was wholly owned by First Capital Advisors Multi-Family Real Estate Fund, LP and managed by FCA Asset Management, which oversaw the value-add renovation program at the property. The completion of the renovation program increased the property’s value substantially that lead to an IRR of 17.5%.
This was FCA’s first residential property that was managed by the firm as well.
Clarendon Arms Apartments was the company’s first disposition of a solely owned and managed property.