Home ยป 1819 Lofts
(36 units) – Chicago, IL
| Acquired: | April 2016 |
| Project Capitalization (LTV): | $15,400,000 (70%) |
1819 Lofts is a Class-A condominium building on the main commercial strip of Wicker Park, an established infill neighborhood in Chicago. In addition to the apartments, the ground floor houses approximately 8,650 square feet of retail space and surface parking for 36 cars. The project was developed as for sale condos by a well-known Chicago builder. RSRC opportunistically acquired the entirely vacant property in a bulk purchase and executed its plan to lease the mixed-use asset in the desirable high barrier neighborhood. The company proved out its concept, leasing 100% of the building and refinancing in April 2017. The project returned 34.75% of original invested equity after the refinance.
www.rent1819.com- Chicago