The Capital Partners team is finalizing details for Fund II, and as part of those details we’re excited to announce the recent additions of Canter Chase Apartments (Louisville, KY) and Winds at Poplar Creek (Schaumburg, IL) to the Buckingham portfolio and team.
Canter Chase Apartments presented the opportunity to acquire 256 market-rate apartment units in an affluent suburb of northeast Louisville. Built in 1988, the property offers the potential to renovate the 83% classic units and 17% lightly renovated units, following the business plan template being successfully executed next door by Buckingham on Woodbridge Apartments, while maintaining a 19.4% rent-to-income ratio. The acquisition was closed in Fall 2021 and the business plan will be kicked off by early 2022.
The Winds at Poplar Creek presented an off-market opportunity to acquire 196 market-rate apartment units in the Schaumburg submarket of suburban Chicago. The property offered multiple value-add opportunities including renovation of the 62% classic units while maintaining a ~23% rent-to-income ratio based on area median income. Built in 1985, the garden-style complex is conveniently located off I-90, allowing a 25-minute drive to O’Hare and a 1-hour commute to downtown Chicago. The Winds is located within the boundaries of high-ranking schools (Blackwell Elementary School (6/10 rating), Dwight D Eisenhower Junior High School (7/10 rating), and Hoffman Estates High School (8/10 rating and top 10% of schools in Illinois)). This acquisition was closed in the Fall of 2021 and the execution of the business plan will be underway in early 2022.