Essex Realty Group, Inc. is pleased to announce the sale of The Washington, a luxury mixed-use property situated in the heart of Naperville. Located at 720 North Washington Street, The Washington is conveniently located .25 miles from the Naperville Metra station and approximately one half-mile north of beautiful Downtown Naperville.
This 10-unit luxury boutique property was completed in 2019 and includes eight apartment units, two commercial spaces, and 26 parking spaces. The unit mix includes large one- and two -bedroom floorplans. These spacious apartments feature high-end finishes throughout such as quartz countertops, custom soft-close cabinetry, stainless steel appliances, and custom backsplashes. In addition, all units include in-unit laundry, large eat-in kitchens, dedicated outdoor space and assigned covered parking. The first-floor commercial tenants – Great Western Flooring and Gantos Dental Group – are currently on 10-year, NNN leases that expire in 2028 and 2029, respectively.
The fully-occupied property is comprised of eight (8) luxury apartments and two (2) commercial spaces. The spacious apartments feature high-end finishes throughout such as quartz countertops, custom soft-close cabinetry, stainless steel appliances, and custom backsplashes. In addition, all units include in-unit laundry, large eat-in kitchens, dedicated outdoor space and assigned covered parking.
The first floor commercial tenants – Great Western Flooring and Gantos Dental Group – are currently on 10-year, NNN leases that expire in 2028 and 2029, respectively. Please see the enclosed Lease Synopsis for more information.
The Washington provides an investor with a rare opportunity to acquire a new construction, luxury asset in highly desirable DuPage County. Current ownership has secured high-quality commercial tenants with annual rent escalations, providing a new owner with protected income streams. Additionally, given the strength of the current apartment market, rental increases may be experienced for all apartment units, further improving investor returns.
Please note, the seller has requested that interested parties electronically execute a confidentiality agreement prior to accessing the offering memorandum.
- Closed at 99.8% of List Price
- $/Unit Record for Naperville Submarket
- Under Contract in First Week of Marketing
- Class A, Luxury Mixed-Use Property
- Steps to Metra and .5 Miles to Downtown Naperville
- 100% Leased – No Rent Concessions or Delinquency