Just closed on 63 units in South Shore

[Anthony Maicki]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

30 unit building (one of two buildings in a portfolio deal) completely renovated throughout with CENTRAL AIR, granite counters, stainless steel appliances, and hardwood floors throughout. These gorgeously rehabbed apartments sparkle with 1920's charm on the exterior with all of today's modern amentias on the interior.

What made you interested in investing in this type of deal?

We have been investing in southside multi-family properties for five years now. In the past we have always rehabbed abandoned buildings. This deal was extremely interesting because never before have we come across a southside building for sale that was actually rehabbed. Sure, we've seen everyone's attempt to "put lipstick on a pig," only to always be disappointed. This deal was different. It was actually done properly

How did you find this deal and how did you negotiate it?

We found it through Interra Realty. Prior to listing it publicly, a few investors were shown the deal. We pushed to see it one day ahead of the others due to a partner leaving town, and put in offer in that day.

How did you finance this deal?

First Merchants Bank Swap

How did you add value to the deal?

We have already begun adding value to this deal by plugging it into our management team. We strive to be the best manager not just on the southside, but in Chicago. We are currently working through open work orders to satisfy tenants unhappy with previous management. We are also adding new water service, performing some major tuck-pointing, and refinishing the floors

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ted Stratman from Interra Realty is by far the most professional, most courteous, most responsive commercial broker we have ever dealt with. He is honest (a real rarity in his world), trustworthy, and very competent.