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(15 units and 2 Retail Spaces) – Chicago, IL
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.
|Project Capitalization / Loan (LTV):||$4,200,000 / $3,150,000 (72%)|
|Acquisition Date:||December – 2014|