Realized Gross Returns

IRR

29%

Equity Multiple

1.4x

Hold Period

4.9 Years

Acquisition Date: May 2018

Status: Active

Background
This is a multifamily apartment building in Chicago’s Bridgeport neighborhood, and its many entertainment and dining options.  We chose this neighborhood after performing a market study that led us to believe that the western portion of Bridgeport was positioned to outperform the rest of Chicago in terms of rent growth. 

ESRE Approach
We acquired the property directly from the owner after a marketing campaign in the area. Though the purchase price was below market value, the property had significant building violations, was uninhabitable, and the city was litigating to demolish the property. To finance the acquisition and construction we got a short-term construction loan. We first completed the violation repairs and then began renovating the building and leasing the units.
1 year after the acquisition we executed a cash-out refinance of the property that returned 100% of our capital investment.  

WHY ESRE

1

Midwest Undervalued Markets​
Targeting growing Midwest markets with favorable demographic trends and less competition but more favorable purchase multiples than other US Markets

2

Data Driven Strategy
Proprietary data science algorithm to forecast market rents and inform our target market and underwriting processes

3

Management & Operational Experience
Leverage proven experience managing and rehabbing multifamily properties to mitigate risks and scale operations

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