Perspectives
Recent notes
Market Perspective
Why vintage Chicago multifamily endures
Brick six-flats and courtyard buildings have survived a century of market cycles. The reasons are structural — literally.
Our Craft
What “value-add” actually means to us
The term gets used loosely. For us it is a defined scope of work, a budget, and a resident experience — not a spreadsheet assumption.
Method
How we choose a block, not just a building
Our screening starts with ZIP codes and ends on the sidewalk. A look inside the neighborhood-selection framework.
Market Perspective
Why vintage Chicago multifamily endures
Chicago’s pre-war multifamily stock was built with materials and floor plans that remain competitive today: masonry walls, generous room dimensions, natural light on multiple exposures, and locations chosen when walking distance to transit was non-negotiable. These buildings sit on the blocks people still want to live on.
Supply is effectively fixed. Very little new construction competes at this size and price point, and replacement cost sits well above typical acquisition prices for vintage stock. For a long-term owner willing to invest in systems and interiors, that combination — durable demand, constrained supply, and a discount to replacement cost — is the quiet appeal of the asset class.
Our Craft
What “value-add” actually means to us
When we underwrite a value-add project, the plan is specific before we close: which building systems need replacement, which units turn and when, what the renovated interiors cost, and how work is phased around residents in place. The improvement thesis has to survive contact with a contractor’s bid, not just a model.
Just as important is operational value-add: professional leasing, preventative maintenance, accurate expense management, and responsive communication. Much of what makes a building perform better is simply running it well.
Method
How we choose a block, not just a building
Our screening begins with data — ZIP-code level supply, rent, tax, and transaction history across the two-year window of on- and off-market activity we track. But data only nominates candidates. The decision is made on the ground: the condition of neighboring buildings, the retail corridor, the walk to the train, the way a block feels at 8 a.m. and 8 p.m.
We buy where we would be comfortable owning for a decade. That standard filters out most of what we see, and it is meant to.