RSRC recently acquired a 15-unit Class A apartment property with two retail units in the Bucktown neighborhood of Chicago, Illinois. The project was financed with a $3.15 million loan. The plan is to rebrand the building as a premier rental complex in the area. In-place rents are $1.78psf including parking, and we have identified market rents as being $2.14psf not including parking. Our plan is to achieve full market rents and charge $150 to $200 a month for parking by year three of our investment hold. Additional upside can be achieved through two retail tenants who currently pay an average annual rent of $13.47psf which we believe to be $6-10psf below current market.
