Looking for investment partners for chicago multifamily portfolio
My name is Brian Prince and I am a developer for a large national multifamily development firm based out of Indianapolis, we specialize in mixed use development. I also have personal real estate investment projects on the side. Right now I am working with a friend of mine, who lives in Chicago, on some investment opportunities in the Chicago market. My business partner is the CEO of The Johnson Organization.
We have two opportunities that we have created investment packages for. The first opportunity is for the acquisition of a few multifamily apartment assets totaling around $1.3MM, we are looking for about another $300k or so from investors. The portfolio is projected to offer a conservative 25-30% cash on cash returns and about 11% cap rate.
The second opportunity is for the acquisition of about retail building of about 5,700 SF. The plan is to rehab the Retail space get a tenant in there for office or retail and then build 10 units of condos above. Condos in the neighborhood area have been selling for $450-$550k based on recent sales on MLS. We have a preliminary agreement with a tenant for the retail/office space and the seller has indicated that they would take $1MM for the current building.
If you have any interest in either of these projects and would like a full investment package please reply to me or send me a personal email at [email protected]. Thank you all for your time.