Fund II

Iroquois Club



Total Required Equity
Asset type
Investment Objective
Value Add
Investment Date
September 2015
Realized IRR
Realized Net Multiple

Investment Summary

The Iroquois Club was a 264-unit multifamily property acquired off-market and located in Naperville, IL, a city regularly voted as a “Best Place to Live” by Money Magazine. Residents are drawn to Naperville for its vibrant downtown, proximity to employment, and top-ranking school districts. Iroquois Club was optimally located along the I-88 technology and research corridor and was serviced by two Metra stations for an easy 30-minute commute to downtown Chicago. The 16-acre site at Iroquois Club included two full-size tennis courts, jogging trails, and a chipping green. The residents also enjoyed a swimming pool with a retractable roof, a newly renovated fitness center, and a large community room. After a 6.5 year hold, the Iroquois Club sold on February 9, 2022 for $69.8M, roughly 87% higher than the 2015 purchase price. After an extensive condo repurchase and unit renovation program, the deal generated outstanding returns for Fund II investors. 

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