Seminary - SOLD
Realized Gross Returns:
IRR: 29%
Equity Multiple: 2.2x
Hold Period: 6.1 Years
3311 N Seminary Ave, Chicago, IL 60657
Strategy: Add Value, Cash Out Refinance
Status: Current
Purchase Price: $1,997,500
Acquisition Date: 1/9/2018
Sale Price: $2,535,000
Sale Date: 2/28/2024
Units: 5 Units
Off-Market, Repeat Broker, Renovation
Seminary is a multifamily property in the Lakeview Neighborhood of Chicago’s Northside. It’s near the Belmont Red/Brown Line train station, Wrigley Field, and countless entertainment and dining options.
We acquired Seminary off-market with no competing offers. A broker familiar with our successful track record sent this opportunity to us, and we delivered. The seller sought to dispose of the property and wanted an experienced buyer since the property needed improvements.
We replaced the roofs, water heaters, carpeting, in-unit laundry, and toilets with low-flow models, then installed new furnaces and air conditioners, fully renovated two kitchens and several bathrooms, refinished the hardwood floors, and repainted the entire building an on-trend color.
Our renovation was successful, and in the first 18 months of the investment, Breneman Capital:
Increased annual rental income by 20%.
Distributed more cash to our investors than was initially invested into the property.
Executed a refinance with a $2,094,000 loan amount, exceeding our cost basis of $2,070,000.
Over the life of the investment, Breneman Capital increased the annual income from the property by 38% from the acquisition date to the sale date.
