Bell - SOLD

Realized Gross Returns:
IRR: 16%
Equity Multiple: 2.0x
Hold Period: 4.8 Years

4016 North Bell Ave, Chicago, IL 60618
Strategy: Levered Core
Status: Realized
Purchase Price: $1,285,000
Acquisition Date: 7/6/2018
Sale Price: $1,590,000
Sale Date: 4/28/2023
Units: 5 Units
Off-Market - Direct From Owner, Loan Assumption, Realized

Bell is a multifamily property in the sought-after North Center neighborhood on Chicago’s Northside. Bell is across the street from the Coonley Elementary School, one of the area’s best public grade schools.

Breneman Capital acquired Bell directly from the owner with no competing offers. The seller, a real estate finance executive, had recently moved out of state and could no longer manage the asset.

We were the only group to be shown the opportunity due to our prior relationship with the owner and our reputation in the investment community. This transaction required that any buyer assume the seller’s existing loan. Breneman Capital excels with complexity and was able to handle the loan assumption without any issues and acquired the property.

This opportunity was about acquiring the property at the correct price since rents were already at market rates. Our acquisition price was a bargain compared to any other recent comparable sale.