271-Unit Albany Park Portfolio

Purchase Price is $40,500,000

• Portfolio of12 building consisting of 271 units in Albany Park market

•We will convert the 1 bedroom to 2 bedrooms, and 2 bedrooms to 3 beds (about 15K a door on renovations)

• Stabilized value conservatively 65M

• $150K/ unit

Conversion of Units

• Convert studios into one-bedroom units.

• Convert one-bedroom units into two-bedroom units.

• Convert two-bedroom units into three bedroom units.

Renovations

• Renovate all hallways and common areas to achieve a more modern and refreshed appearance.

• Interior of all units is under renovation.

Rent Increase:

• Adjust rents to align with the current market rates for the area.

• One-bedroom: $1,300+/monthly; Two bedroom: $1,500+/monthly; Three bedroom: $1,800+/monthly

• Implement the ‘cash for keys’ method to terminate tenants who will be subject to the new market rents.

 

5 Year Proforma Projections