Acquisition Date: December 2022
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Status: Active
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Background
We purchased this 17 unit mixed use corner building on a core street in one of Chicago's best neighborhoods. We purchased this property directly from the owner. Because the owner wanted a quick closing by the end of the year, we were able to purchase the property at a discount to market value. Closing in 2022 also enabled us to take advantage of the final year of eligibility for 100% bonus depreciation which will significantly increase our after tax return.
We purchased this 17 unit mixed use corner building on a core street in one of Chicago's best neighborhoods. We purchased this property directly from the owner. Because the owner wanted a quick closing by the end of the year, we were able to purchase the property at a discount to market value. Closing in 2022 also enabled us to take advantage of the final year of eligibility for 100% bonus depreciation which will significantly increase our after tax return.
ESRE Approach
The property interiors had not been updated in over 20 years, so we plan to renovate each unit as leases expire.
The property interiors had not been updated in over 20 years, so we plan to renovate each unit as leases expire.
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 |