Alliant Strategic Investments has purchased Riverstone Apartments, an affordable housing community located in Bolingbrook, Ill., a suburb southwest of Chicago. The purchase, made in partnership with Nuveen Real Estate, closed at $93.5 million.
The Riverstone Apartments underwent a significant redevelopment between 2005 and 2007 using Low Income Housing Tax Credit equity. The property consists of 789 studio, one- and two-bedroom units. ASI and Nuveen plan to improve the residential units and common areas, adding accessibility features, additional parking and providing services for the residents. Community amenities include a clubhouse, two outdoor pools, two fitness centers, media center and theater, volleyball and soccer courts, playground, business center, and a dog park.
