Oakley - SOLD

Realized Gross Returns:
IRR: 24%
Equity Multiple: 2.7x
Hold Period: 8.9 Years

3600-3610 N Oakley Ave, Chicago, IL 60618
Strategy: Add Value, Cash-Out Refinance
Status: Realized
Purchase Price: $1,780,000
Acquisition Date: 6/27/2013
Sale Price: $2,065,000
Sale Date: 5/24/2022
Units: 8 Units
Repeat Broker, Repeat Seller, Realized

Oakley is a vintage building that was tastefully renovated in 2012 in the North Center neighborhood of Chicago.

We added individual storage units and new bike racks in the basement along with replacing the building’s entry doors with commercial-style glass doors. Resident retention at this property has been extremely high, and our property management team frequently gets compliments from residents on our attention to detail and quick responses to requests.

25 months after purchasing the property, we closed on a refinance of the acquisition loan and distributed back to our LP 100% of the initial equity they invested in the project tax-free.