Peak Realty Chicago (PRC) is regularly tapped to consult multifamily owners across Chicagoland, as their full-service brokerage creates a one-stop-shop for Chicagoland Investors. In 2021, a client entrusted PRC to purchase and stabilize a five-flat located at 2815 N. Harding Ave. in Logan Square. Just one year later, after $150,000 in renovations, it has closed for $1,115,000, a near $250,000 profit.
“We prefer to position ourselves as true consultants as opposed to solely brokers or traders, allowing us to gain the confidence and trust of our vast set of ownership groups,” says PRC VP of Business Development Oren Pollack. “In this instance, we were able to take one client from purchase to sale by offering upgrade recommendations, positioning specific market advice, stabilizing the property and ultimately selling this owner’s asset for a roughly $400,000 increase from their original acquisition price,” he adds.
The brick building was identified as a value-add property in the Logan Square Submarket for a private investor, who closed on this asset for $725,000 in 2021. After making recommended cosmetic upgrades to the units, replacing the windows and doing the necessary roof and tuckpointing work, the investor sold and is now positioned to seek a 1031 exchange into a bigger property with a Peak Realty Investment Broker.
The building was sold as a stabilized property with room to increase rents via in-unit laundry and individual HVAC units. Most of the apartments feature remodeled kitchens and baths and the building features a rear enclosed porch/staircase in the back of the building. Located conveniently near bus stops, train stations, and I-90/94, the property is well positioned for future appreciation.
Julia Cullhaj was the PRC seller’s broker.
