Time Equities Inc. (TEI), in partnership with Pioneer Acquisitions, announce the purchase of the “Ashland and Devon Portfolio,” comprised of two properties for $8.3 million in Chicago’s Rogers Park neighborhood. The buildings, located at 6748 N. Ashland Avenue and 1414 W. Devon Avenue, feature 78 residences and 18 residences with six retail units, respectively.
“Time Equities Inc., along with our partner Pioneer Acquisitions, recognized an exceptional opportunity to acquire residences that could be substantially improved through thoughtful renovations, and retail space that exhibits long-term upside in a strategically situated area,” said Aaron Medeiros, Director of Acquisitions and Policy for TEI. “In the coming year, the properties will undergo an extensive capital improvements campaign. Upon completion in 2016, we’re confident that the market will recognize the portfolio as a desirable and modernized destination.”
6748 N. Ashland Ave. currently consists of 78 residences with 66 one-bedroom homes and 12 studios; 1414 W. Devon Ave. features eight one-bedroom homes, 10 two-bedroom and six retail units. Following the campaign’s completion, in addition to the retail space, the updated unit mix will be six studios, 72 one-bedroom, eight two-bedroom and 10 three-bedroom residences.
“Pioneer has recently incorporated this investment strategy across several hundred units in Chicago’s North Side neighborhoods with great success,” said Jayson Lemberg, Principal of Pioneer Acquisitions. “We have found that the improvement campaigns for the more established buildings, like at the Ashland Devon portfolio, keep a closer pace with changing demographics and ideally meet the rental market’s expectations.”
The scope of renovation will also include the installation of stainless steel appliances, cherry wood cabinets and granite slab countertops throughout kitchens, as well as the addition of modernized sinks and fixtures in all bathrooms. The team will also refurbish the lobby and amenity spaces.
“This transaction, marks our first acquisition with Pioneer Acquisitions,” said Medeiros. “It is our hope that we can continue this momentum together and acquire additional multifamily properties, further strengthening our existing presence in Chicago.”
Brian Semel of Kiser Group brokered the deal on behalf of the seller, AM Realty Group LLC and Devon Apartments LLC. In-house counsel, Phil Brody, represented TEI while David Chaiken of Canmann & Chaiken, represented the seller. The property will be locally managed by Tricap Residential Group. The Ashland and Devon Portfolio is well-situated in Chicago’s Rogers Park neighborhood, approximately 10 miles north of downtown Chicago and within blocks from the campus of Loyola University, a major educational institution with enrollment exceeding 15,000 students. Located within walking distance of the lakefront, the buildings boast close proximity to several entertainment, shopping and dining destinations. What’s more, residents will have the convenience of public transportation with major bus routes and the Red Line “L,” with service to downtown Chicago, located a few steps away.
