Noble - SOLD

Realized Gross Returns:
IRR: 17%
Equity Multiple: 1.6x
Hold Period: 5.9 Years

1414 N Noble St, Chicago, IL 60642
Strategy: Add Value, Cash Out Refinance
Status: Realized
Purchase Price: $3,210,000
Acquisition Date: 9/8/2017
Sale Price: $3,600,000
Sale Date: 8/31/2023
Units: 10 Units
Off-Market - Direct From Owner, Repeat Seller, Renovation, Realized

Noble is an apartment in Chicago’s Noble Square Neighborhood, one of the best places to live on the North Side. The property is near the CTA Blue Line train station and has plenty of entertainment and dining options. It underwent a substantial rehab that was finished in 2015. 

1414 N Noble generated deal-level investment returns of 17% IRR and a 1.6x equity multiple, which speaks to our ability to generate strong returns in all economic environments as this investment spanned the COVID-19 pandemic and the 2022-2023 run-up in interest rates.

Acquired directly from the owner in 2017, we embarked on a light renovation program correcting building violations on the porch, replacing furnaces and air conditioners, installing nest thermostats, renovating common areas, and improving the landscaping and curb appeal significantly with new concrete and landscaping.

22 months after acquiring the property, we closed our refinance and returned tax-free 100% of LP's initial capital contributions (with the property appraising at 21% above our basis in the property). Noble has stood as a testament to strategic investment and adaptability. Despite challenges posed by the COVID-19 pandemic, Noble rebounded strongly, with a remarkable 25.18% revenue increase from 2021-2023.