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Acquisition Date: October 2021
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Status: Active
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Background
This is a 34 unit apartment building on the north side of Chicago. We acquired the property directly from the owner who we had been in touch with for over five years. The property had been exceptionally well maintained, but rents were significantly below market and the common areas needed to be refreshed.
This is a 34 unit apartment building on the north side of Chicago. We acquired the property directly from the owner who we had been in touch with for over five years. The property had been exceptionally well maintained, but rents were significantly below market and the common areas needed to be refreshed.
ESRE Approach
We knew that we could bring the rents up to market with light cosmetic refreshment to the common areas and the units. As of the Q2 2023 we have re-leased about 50% of the building and our performance is exceeding expectations.
We knew that we could bring the rents up to market with light cosmetic refreshment to the common areas and the units. As of the Q2 2023 we have re-leased about 50% of the building and our performance is exceeding expectations.
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 |