Elston - SOLD

Realized Gross Returns:
IRR: 19%
Equity Multiple: 1.96x
Hold Period: 4.4 Years

3507-3511 N Elston Ave, Chicago, IL 60618
Strategy: Levered Core
Status: Realized
Purchase Price: $3,500,000
Acquisition Date: 8/8/2019
Sale Price: $4,050,000
Sale Date: 01/22/2024
Units: 12 Units
Off-Market, Repeat Broker, Realized

Elston was a stabilized multifamily asset built in 2009, initially conceived as sellable condos. After navigating through foreclosure, it transitioned to a rental model.

Initially under LOI with a different buyer who delayed the process, the seller sought a decisive and seasoned buyer. Recognizing the opportunity, our firm promptly agreed to meet the purchase price and accelerated the acquisition seamlessly.

Attracted by its competitive pricing, rent growth potential, and modern build in a burgeoning area of the city, we saw great promise in Elston. Throughout our ownership, we successfully secured a property tax reduction and adjusted all rents to reflect current market rates, enhancing the value of the property.

Having realized the full potential of Elston, we have since completed the sale of the property, marking another successful investment in our portfolio. The strategic sale underscores our commitment to recognizing and capitalizing on opportunities that deliver robust returns for our investors.