January 8, 2021
Haven Realty Capital added to its single-family rental portfolio with the $18.5-million acquisition of Ashwood Place, a newly constructed 60-home dedicated rental community (DRC) in Naperville, IL. It’s one of the first DRCs in Chicagoland.
“The size of rental households is increasing while the size of traditional apartments is shrinking, which has contributed to the increased demand for DRCs,” said Haven Realty Capital managing principal Sudha Reddy.
This is the second acquisition of a DRC in the Chicago Metro for Haven, which manages a $500-million portfolio of SFR and traditional multifamily assets throughout the U.S. It plans further acquisitions in 2021, mainly in the Midwest and Southeast.
“DRCs are growing in popularity among renters, not just in Chicago but throughout the United States,” added CBRE’s Justin Ross, who marketed the property on behalf of the seller with colleagues Matt Ishikawa, Bill Howe and David Guenther.
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