Chicago Scattered Site – Value-Add Multifamily Portfolio

Chicago Woodlawn –Value-Add Multifamily
June 11, 2017
Long Beach – Ground Up Mixed Use Development
June 21, 2017

Deal Highlights

  • Acquired multiple REO buildings throughout Chicago at the bottom of the market
  • All buildings required complete gut rehabs
  • Units finished to condo-quality levels, with hardwood floors, oak cabinets, ceramic tile bathrooms, stainless steel appliances, etc.
  • New HVAC units and MEPs
  • Leased all units to Section 8 voucher holders; government pays 70% to 100% of rent at levels above current market rates for the neighborhoods
  • Actively managing properties to minimize maintenance costs and increase cash flow
  • After stabilization, placed take-out debt financing on all units at 75% to 100% LTC; DSRs above 2x
  • Properties operating near 95% occupancy