Breneman Capital acquired the Ashland Place apartment community at 33 S. Ashland Ave in Chicago.
Ashland Place was built in 2018 and consists of 47 units, including two one-bedroom/one-bathroom and 45 two-bedroom/one-bathroom units.
The apartment building is located in Chicago’s West Loop neighborhood – one of the most desirable and amenity-rich locations in the entire country. The acquisition reinforces Breneman Capital’s footprint in the Chicago multifamily market where the firm has been investing for over 10 years.
The investment includes an attractive loan assumption at 73.5% loan-to-value, 4.60% fixed interest rate, and roughly five years of remaining term; representing a rare opportunity to achieve day-one positive leverage. The basis also represents a significant discount to replacement cost and trades of comparable properties in the West Loop neighborhood.
The property will be managed by Dwelle Properties, a full-service property management firm founded in 2019 by Drew Breneman and Sam Meyer. Breneman Capital intends to maximize value by capitalizing on its existing scale and synergies in the Chicago multifamily market to eliminate loss-to-lease, increase ancillary income, and optimize expenses to be in line with comparable properties across its portfolio.
