Evergreen Old Town

317 West Evergreen Ave
Strategy: Levered Core
Status: Current
Purchase Price: $5,350,000
Acquisition Date: 1/10/2020
Units: 15 Units
Off-Market - Direct From Owner, Loan Assumption

Evergreen Old Town is a core multifamily asset built in 2019 in a highly desirable pocket of Chicago where properties rarely trade. The ownership needed a buyer to assume their existing loan in order to sell the property and provide certainty of close.

We acquired Evergreen Old Town as the only bidder in off-market transaction directly from the developers. Since the deal was direct, the seller was able to eliminate brokerage commission costs and realize more net sale proceeds than if the property was sold through a broker.

Since acquiring the property, we have obtained a significant property tax reduction, eliminated any discrepancy between actual rents and market rates, and rented out parking spots previously not rented.