Breneman Capital acquired the Adams Laflin Place apartment property at 128 S. Laflin St. in Chicago.
This immediately follows Breneman Capital’s purchase of Ashland Place at 33 S. Ashland Ave. from the Jerry Reinsdorf-backed Michigan Avenue Real Estate Group.
Adams Laflin Place was built in 2020 and consists of 52 total units, including seven one-bedroom/1.5-bathroom and forty-five two-bedroom/two-bathroom floorplans.
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 property resides just west of Skinner Park and features luxury condominium finishes and unobstructed views of the Chicago skyline. The investment basis 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.
