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Multi-Family Value-Add Acquisition
JV opportunity in the acquisition and complete redevelopment of a 56 unit mid-rise multifamily building constructed in 1929 alongside an accomplished local sponsor. The property is located in the highly desirable neighborhood of Lakeview, situated in close proximity to an abundance of local dining, retail, shopping, and grocery options as well as Lake Michigan, the Brown, Red, and Purple CTA lines, and Lakeshore Drive. Currently totaling only 44 bedrooms and 56 bathrooms, sponsor plans to add an additional 63 bedrooms and 32 bathrooms by optimizing the building’s layout to maximize NOI. Sponsor currently owns four assets less than one mile from the site including similar full gut-rehab projects, condo deconversions, and a ground-up development.
$8M JV Opportunity
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