Ashland Lincoln Park

2730 N Ashland Ave, Chicago, IL 60614
Strategy: Levered Core
Status: Current
Purchase Price: $6,300,000
Acquisition Date: 8/20/2014
Units: 18 Units
Off-Market, Repeat Broker, Repeat Seller, 1031 Exchange Replacement Property

Ashland Lincoln Park is a multifamily property in the highly sought-after Lincoln Park neighborhood, near one of Chicago’s most well-traveled bus lines, offering easy access to the city.

Our ownership group acquired the property after selling the Andover Marketplace shopping center in a 1031 tax-deferred exchange.

The ability to successfully acquire, sell, and exchange into a larger asset while hitting the deadlines of a 1031 tax-deferred exchange is the mark of a great investment manager. In this deal, we did just that.

Working with our owner and broker network, we sourced this property off-market so it worked perfectly for our 1031 tax-deferred exchange. After purchase, we executed our typical business plan: re-evaluating all contracts and switching most vendors, reducing property taxes, aggressively marketing the property with professional photos, and executing opportunities to reduce utility usage.