Bryn Mawr - SOLD

Realized Gross Returns:
IRR: 17%
Equity Multiple: 1.7x
Hold Period: 5.9 Years

1353 W Bryn Mawr Ave, Chicago, IL 60660
Strategy: Add Value, Cash Out Refinance
Status: Realized
Purchase Price: $2,025,000
Acquisition Date: 1/7/2016
Sale Price: $2,335,000
Sale Date: 12/28/2021
Units: 6 Units
Off-Market - Direct From Owner, Repeat Seller, Realized

Renovated in 2015, Bryn Mawr is a multifamily asset in Chicago’s Andersonville neighborhood, near Clark Street, and its many entertainment and dining options.

We acquired the property directly from the owner, who we contacted as they were renovating the building.

Though the purchase price was below market value, the seller was excited about the transaction since they avoided brokerage commissions by doing a direct deal with us.

19 months after the acquisition we executed a cash-out refinance of the property. With those proceeds, plus a modest capital contribution from the GPs which was funded from our California property’s excess distribution, we returned 100% of all LP initial capital invested on Bryn Mawr tax-free.