JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced that renovations are underway at The Aventine at Oakhurst North, a 464-unit community in Aurora, Ill., acquired by the company in November 2016.
The project will include significant improvements to building exteriors, apartment homes and common amenities. Renovations to the clubhouse and other common areas have been completed, while apartment home upgrades will be phased in as residents move out.
"With these renovations, The Aventine at Oakhurst North will be perfectly positioned to thrive, as the upgrades will give the community a competitive advantage in a submarket that has not experienced much new construction recently," said Jay Madary, president and CEO of JVM. "We believe strongly in the long-term health of the suburban Chicago apartment market, and the improvements we're implementing will create exactly the kind of highly amenitized, best-in-class community that can deliver optimized performance and returns in this market."
The Aventine at Oakhurst North now features an entirely reimagined clubhouse with a resident lounge, business center, and a fitness center that is twice as big as its predecessor and has brand-new equipment, including Wellbeats fitness on demand. The clubhouse also contains a package locker room that residents can access 24/7.
The improvements will also include a new exterior paint scheme and signage, updated landscaping, a new fire pit and grilling area, a relocated and embellished dog park, new pool furniture, an additional pond fountain, and new LED lighting in common areas and on building exteriors.
In-unit renovations will include a new paint scheme as well as the installation of oiled soapstone countertops, built-in microwaves, silver mist and stainless steel appliances, new vanity tops, luxury vinyl tile flooring and new carpet.
"These strategic enhancements will add tremendous value to Aventine and should make it the most sought-after community in its submarket," Madary said. "Its amenities, design and service level will be unmatched in the area. Combine that with the fundamental strength of the surrounding apartment market, and we believe Aventine has a tremendously bright future."