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Acquisition Date: September 2022
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Status: Active
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Background
We purchased this 17 unit mixed use property on the North side of Chicago as the upleg in a 1031 Exchange. The property was purchased as Tenants in Common because there was more than one partnership in the exchange.
We purchased this 17 unit mixed use property on the North side of Chicago as the upleg in a 1031 Exchange. The property was purchased as Tenants in Common because there was more than one partnership in the exchange.
ESRE Approach
We liked that we were able to purchase the property well below replacement cost which gave us a floor on the rent. We also wanted to take advantage of the 100% bonus on accelerated depreciation that was expiring in 2022.
We liked that we were able to purchase the property well below replacement cost which gave us a floor on the rent. We also wanted to take advantage of the 100% bonus on accelerated depreciation that was expiring in 2022.
WHY ESRE
1Midwest Undervalued Markets
Targeting growing Midwest markets with favorable demographic trends and less competition but more favorable purchase multiples than other US Markets |
2Data Driven Strategy
Proprietary data science algorithm to forecast market rents and inform our target market and underwriting processes |
3Management & Operational Experience
Leverage proven experience managing and rehabbing multifamily properties to mitigate risks and scale operations |