Wrigleyville Mixed-Use
Chicago/Milwaukee MSA

Investment summary

· Purchased from a distressed seller in July 2015 at 30% below replacement cost.

· Leveraged redevelopment spurt around Wrigley Field bringing $750 million of new hospitality, office, and apartment space to the neighborhood.  Since acquisition the Cubs became the most valuable franchise in baseball.

· Post acquisition, full rehab of building to Class B+ apartments and new "white box" retail space.

· Apartment units rented at rents 15% above underwriting and three months early to international vacation rental firm.  Subsequent addition of 2nd bathroom in each unit resulted in additional 15% rent increase.

· Strategic partnership with parking company resulted in consistent income from parking lot, high security, and room for further income growth as more special events are held at Wrigley.  

· Commercial space leased to medical office user and basement leased out for storage.

· Sold in April 2018.