Workforce Housing · Investment Offering

Victoria Drive

Address800–834 Victoria DrMontgomery, Illinois

Apartments152

Asking Price$23,000,000

01 — The Asset

152 Apartments · 168 Beds

Workforce garden apartments on a single contiguous site. Highly occupied, with a renovation program already underway — rent growth comes through unit turns, not a lease-up.

Units152

Total bedrooms168

Gross building116,032 SF

Net rentable99,440 SF

Avg unit763 SF

Renovation scope132 of 152

02 — The Property

Garden-Style Walk-Ups

Studios, one- and two-bedrooms with private balconies on the upper floors, open surface parking and an on-site leasing office.

TypeGarden-style multifamily, two and three stories

OutdoorPrivate balconies, upper units · open surface lots

LaundryCommon-area laundry on site

AmenitiesSwimming pool, playground, central green

03 — Exteriors

Grounds & Common Areas

A leasing and laundry building, pool, playground and an open central green tie the campus together.

04 — Unit Mix

Three Floor Plans

32Studios21%
72One-beds47%
48Two-beds32%

Studio floor plan — **Studio**$1,002 → $1,200

One-bedroom floor plan — **1 BR / 1 BA**$1,255 → $1,475

Two-bedroom floor plan — **2 BR / 1 BA**$1,454 → $1,725

05 — Renovation Program

Renovation & Interiors

132 of 152 units in three scopes: white shaker cabinetry, stainless appliances, plank flooring, refreshed baths and paint.

Added rent / yr$422,424

Program cost$590,700

Return on cost71.5%

Scope	Units	Cost / unit	Total
Classic	45	$7,000	$315,000
Upgraded	63	$3,500	$220,500
Renovated	24	$2,300	$55,200
Total · weighted avg	132	$4,475	$590,700

06 — Location

Area Employers & Amenities

The Grid at Route 31 (former Caterpillar campus, 2,000+ jobs) sits under a mile away. I-88 logistics, retail and two regional hospitals are within ten miles.

Employers

The Grid at Route 31 · Caterpillar

0.7 mi

ALDI · Mayfield Dr

0.6 mi

Orchard Rd retail · I-88

4.0 mi

Rush Copley Medical Center

5.0 mi

Walmart · Kirk Rd

7.7 mi

Dreyer Medical Clinic

8.2 mi

Amazon KRB6

9.2 mi

Amazon MDW9

10.2 mi

Area

Fox River Trail

1.9 mi

Oswego High School

3.3 mi

Waubonsee CC

3.6 mi

Aurora Metra · BNSF

4.0 mi

Teal square marks the property. Straight-line distances; rings at 3 and 10 miles. The Grid tenants include Tangent Technologies, U.S. Medical Glove, DSV and a Caterpillar engineering team.

07 — Submarket

Montgomery, Illinois

A Kane and Kendall County village roughly 45 miles southwest of Chicago — 3,369 residents in 1980, more than 22,000 today. Workforce housing near warehouse, manufacturing and retail jobs, priced well below new construction.

Population22,157

Growth since 2020+9.4%

Montgomery avg rent$1,755

Avg in-place rent$1,264

Avg market rent$1,496

Trade-out on turn+$232 / mo

Population: July 2025 estimate vs 2020 Census (20,262). Town rent: RentCafe, August 2026. Property rents: current rent roll vs pro forma.

High aerial looking north over the property toward Aurora

08 — Market Fundamentals

Rents vs. Market

In-place rents average $1,264 against $1,496 market. Every unit type rents under the nearby comp set.

Rent upside+18.3%In-place to market

Added income$422KPer year at market

Trade-out+$232Avg rent bump / mo on turn

Comp set5Within 6.4 mi

EmploymentCaterpillar, ALDI and Walmart within minutes of the site

TransitTwelve minutes to the Aurora Metra, BNSF Line to Union Station

AccessUS 30, US 34 and Orchard Road to I-88

RentersWorkforce renters. Upside comes from trade-outs on turn and steady renewal bumps

Avg rent	Victoria	Comps	Runway
Studio	$1,002	$1,206	+20%
One-bed	$1,255	$1,491	+19%
Two-bed	$1,454	$1,629	+12%

Victoria Drive: current rent roll. Comps: average of the five rent comparables on slide 10.

09 — Workforce Housing

Demand & Deliveries

New deliveries around Montgomery are luxury product leasing with concessions. Nothing new is being built at Victoria Drive's price point, and owning costs about twice the rent.

Montgomery avg rent$1,755

Victoria Dr in-place$1,264

Discount to town−28%

Own · Aurora median≈ $2,670

New supply · leasing now	1-bed asking	Concession
Avanterra Wolfs Crossing · Oswego	$2,114	3 weeks free
Echelon Oswego · Oswego	$1,764	Special
Montgomery Place · Montgomery	$1,680	$1,000 off
Victoria Drive · subject	$1,325	None

Own vs. rent · monthly	Cost
Aurora home · Zillow value $324,470	≈ $2,670
Victoria Drive · avg in-place rent	$1,264
Monthly gap	≈ $1,400

Live listings on Redfin, Zillow and RentCafe, accessed October 2026. Ownership estimate: 10% down, 6.5% 30-year, property tax and insurance; illustrative.

10 — Rents

Rent Comparables

Five properties within 6.4 miles. In-place rents sit below the comp average in every unit type.

Studio runway+20%

1 BR runway+19%

2 BR runway+12%

Property	Units	Studio	1 Bed	2 Bed	Dist
1037 W Howell Pl · Aurora	97	$1,204	$1,510	$1,698	3.7 mi
2000 W Illinois Ave · Aurora	128	—	$1,577	$1,804	3.1 mi
1240 Nantucket Rd · Aurora	258	—	$1,416	$1,594	4.4 mi
1800 Light Rd · Oswego	168	—	$1,414	$1,592	1.6 mi
211 Lincolnway · N. Aurora	73	$1,234	$1,566	$1,680	6.4 mi
Comp average	144	$1,206	$1,491	$1,629	3.8 mi
Victoria Drive · in-place	152	$1,002	$1,255	$1,454

BAUVISTA · Confidential

Financials, rent roll and financing

Operations · Returns · Cost Segregation and the data room open once you accept the confidentiality agreement.

Review and accept the agreement

14 — Sales Comparables

Sales Comparables

Property	Price	Units	$ / Unit	Cap	Dist
1240 Victory Court	$6,625,000	48	$138,021	6.21%	3.6 mi
2127–2225 Pepper Valley Dr	$11,200,000	80	$140,000	6.43%	11.3 mi
1800 Light Rd	$22,000,000	168	$130,952	6.82%	1.6 mi
2074 Fox Pointe Cir	$40,045,500	248	$161,474	6.42%	5.2 mi
1655 Felten St	$2,395,000	16	$149,688	7.14%	6.9 mi
Five-comp average	$16,453,100	112	$144,027	6.60%	5.7 mi
800–834 Victoria Dr · subject	$23,000,000	152	$151,316	6.08%

Advisor Team

Sean Connelly

CEO | Principal

Direct773.899.1334 Emailsean@bauvista.io

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George Kokkonas

Senior Investment Advisor

Direct630.362.1941 Emailgeorge@bauvista.io

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