Palmer - SOLD

Realized Gross Returns:
IRR: 27%
Equity Multiple: 2.4x
Hold Period: 4.2 Years

3332 W Palmer St, Chicago, IL 60647
Strategy: Levered Core
Status: Realized
Purchase Price: $2,650,000
Acquisition Date: 10/29/2019
Sale Price: $3,575,000
Sale Date: 12/14/2023
Units: 8 Units
Repeat Broker, Realized

Breneman Capital drastically exceeded expectations with this investment. We projected a $3,350,000 sale after ten years of ownership in 2029. After 50 months of ownership, we sold the asset in 2023 for $3,575,000. It was a phenomenal outcome for our investors and a remarkable 35% increase in value in just over four years.

Palmer is a multifamily property located in the Chicago neighborhood of Palmer Square, a rapidly growing area of the city known for the arts, dining/nightlife, and public parks. Upon initial evaluation, Breneman Capital determined that the property was under-rented as-is. Additionally, we saw great upside potential by eliminating all deferred maintenance, replacing building systems, and rehabbing the unit interiors. Unit upgrades included replacing all carpeting with new vinyl floors, introducing a modern and refreshed paint scheme, and refinishing the hardwood floors, among other items.

We increased the property's income by 33% (we underwrote a 14.7% increase) during our ownership period.

Although we sold Palmer in 2023 – a time defined by market uncertainty, increased cap rates, and high interest rates – Breneman Capital still delivered phenomenal returns, which is a testament to our ability to source and execute in any state of the economy.