The Crossings at St. Charles

1690 Covington Ct., St. Charles, IL 60174

Ansonia made an opportunistic off-market acquisition of this garden apartment community—the last Chicago-area asset operated by an out-of-state owner exiting the market—after a prior purchaser walked away from its contract. Located in the prosperous Fox River Valley community of St. Charles, this late 1980s-vintage 208-unit property offers generously proportioned apartments with features commonly found in single family homes, as well as a club house, fitness center and outdoor swimming pool. Ansonia’s “value add” improvement plan includes a contemporary renovation of kitchens and baths, vinyl plank flooring in living areas, and energy-saving measures. A renovation of the clubhouse and addition of a poolside grilling area will further enhance residents’ enjoyment of the property.

2 E. 8th

Chicago, Illinois
330 units

Ansonia affiliate purchased the non-performing first mortgage note on this 28-story mixed-income high-rise provided a path to acquisition of the fee interest at a time when tax considerations ruled out a sale by the owner. Ultimately the property was acquired by a deed-in-lieu of foreclosure. Net operating income from the 330 apartments, 204 parking spaces and 30,000 square feet of retail space increased by more than 150% in the first full year of operation, as new management practices were implemented and rents were rationalized and brought to market rates. To help support the repositioning of the property, the common areas were renovated and deferred life-safety and maintenance items were addressed.