Breneman Capital in January sold an apartment property at 3507-3511 N. Elston Ave. in Chicago.
The property was built in 2009 and consists of 12 total units, including three two-bedroom/two-bathroom and nine three-bedroom/two-bathroom floorplans. The apartment building is located in Chicago’s Avondale neighborhood.
Breneman Capital originally purchased the property in August 2019 for $3.5 million and was drawn by its newer construction, rental upside and rapidly improving neighborhood. The property features luxury condominium-level finishes, private balconies, in-unit washer/dryers, and rooftop decks with panoramic views of the Chicago skyline. It is also proximate to the Blue Line’s Belmont station and popular restaurants such as Parachute, Honey Butter Fried Chicken, and Revolution Brewery.
In total, Breneman Capital increased rents by 21% over the hold period and ultimately sold it for $4.05 million after 53 months of ownership. Although the property was sold in 2024, a time amid market uncertainty and high interest rates, Breneman Capital still delivered phenomenal returns to their investors – which they believe is a testament to their ability to source and execute in any state of the economy.
3507-3511 N Elston Avenue is one of 23 Chicago multifamily properties purchased by Breneman Capital since 2013. The firm most recently acquired Ashland Place and Adams Laflin Place, two Class A properties totaling 99 units in Chicago’s West Loop neighborhood, in 2023.
