Ashland Place

33 S Ashland Ave, Chicago, IL 60607
Strategy: Levered Core
Status: Current
Purchase Price: $17,950,000
Acquisition Date: 11/20/2023
Units: 47
Loan Assumption

Ashland Place is a Class A, 47-unit multifamily property built in 2018 and located in Chicago’s West Loop, one of the country's most desirable and amenity-rich neighborhoods.

Breneman Capital was in an excellent position to acquire the property, having transacted with the seller in the past (Madison Throop Place). Our team diligently tracked the property since its construction and patiently anticipated when it would be available for purchase.

At a basis of $382k/unit and $323/sf, Ashland Place represents a roughly 20% discount to replacement cost and comparable trades in the West Loop. Moreover, the acquisition also included an attractive loan assumption at 73.5% loan-to-value, 4.60% fixed interest rate, and roughly five years of remaining term; resulting in a rare opportunity to achieve day-one positive leverage in today’s market.

The investment profile is predicated on high cash flow, downside protection, long-term thinking, and pride of ownership.