Criteria
What we look for
Asset profile
- Multifamily residential, typically 5–50 units
- Vintage brick and masonry construction, often pre-war
- Sound structure with correctable deferred maintenance
- Opportunities to add value through renovation, unit reconfiguration, or operational improvement
Location profile
- Chicago neighborhoods with durable resident demand
- Proximity to transit, employment corridors, and neighborhood retail
- Blocks where our operating presence lets us manage efficiently
- Submarkets we can underwrite from primary data, not averages
Process
From screening to stewardship
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Source
We continuously screen on-market and off-market opportunities across our target ZIP codes using a proprietary deal-screening model, broker relationships, and direct outreach.
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Underwrite
Every candidate is underwritten from the ground up: rent rolls, tax history, utility and operating costs, building permits and violations, and a physical walkthrough. We model conservative assumptions and stress-test them.
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Improve
Post-closing, we execute a defined capital plan: building systems, common areas, and unit interiors, phased to respect existing residents and preserve architectural character.
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Operate
Our affiliated management operation handles leasing, maintenance, and resident relations directly. Long-hold ownership is our default posture; we sell when it serves our partners, not because a calendar says so.
Risk
How we protect the downside
We buy real assets with intrinsic utility, at prices supported by in-place income, in a market we know deeply. We use moderate, carefully structured financing; we maintain reserves; and we avoid strategies that depend on aggressive rent growth or exit-price assumptions. No investment is without risk, and real estate investments involve significant risks including illiquidity and possible loss of capital — see our Disclosures.