RSRC acquired The Mod, a 56-unit property with 5,100 square feet of retail, in December, 2010. Also included in the acquisition was an adjacent vacant land parcel which is entitled for 36 units, parking and 2,100 square feet of retail. The deal, which was foreclosed on in September 2010, was acquired directly from MB Financial in an off-market deal. The property was fully stabilized however there was significant upside to the existing rent roll, as it had been managed by a receiver leading up to the sale. RSRC grew annual NOI from $900,000 to $1,100,000 during a two-year hold, leased the retail space to a restaurant and added two residential units. RSRC sold the asset in December 2012 for $20.1M which translated to a 43% IRR and a 1.85x equity multiple over a 24-month investment.
