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