One Nineteen on Main
One Nineteen on Main, located in vibrant downtown Naperville, was an exceptionally well-located asset in need of some improvements. We were able to recognize the opportunity to enhance value and capitalize on the property’s position as one of the only true multifamily projects in the area. We purchased the asset in December of 2012 and it came with a long-term lease with North Central College, which utilized the property’s 49 units as student housing. Upon the expiration of the master lease with the college in 2017, we engaged in a $2.6M project to fully renovate all 49 units, overhaul the property’s common areas, and create 1,390 square feet of rentable ground-floor retail space that was not previously monetized. This addition helped deepen the buying pool and resulted in a sale price of $23.3M – achieving a 5.40x equity multiple after a nine-year hold for our investors.