Large multi-family (5+ units) other investment in Berwyn.
26 Apartment, 2 Storefront. Long term investment. Have renovated 90% of units including storefronts. Began renovations 1st Quarter 2015 as first project as Portfolio Manager. Strong returns, above average rent, above 95% occupied over the past 5 years. Part of our western suburbs portfolio and one of the best locations in Berwyn IL.
The objectives for the portfolio are for all our properties to be remotely managed with as little physical input as possible. I built a great
What made you interested in investing in this type of deal?
The value in this property was the changing market in Berwyn IL, a suburb of Chicago that has incredible upsides. My objectives were to make the units, some of the best available on the market. We expect improvements to be paid in the long term.
How did you find this deal and how did you negotiate it?
The objectives for the portfolio are for all our properties is to be remotely managed with as little in person input as possible. I have built a great team of partners and vendors to achieve these goals. A complete success.
How did you finance this deal?
This property has been part of our portfolio since the 90's.
How did you add value to the deal?
A long term investment that required a significant, multi-stage rehabilitation. This property is a money maker, the location is far above average for the area and there was a great potential to increase the cash flow. I make quality improvements that are expected to last. The goal again with all of our properties is to be able to manage them from anywhere in the world remotely using CRM's, security systems and partner/ vendor networks that are reliable and considered the best in their field.
What was the outcome?
The property is a moneymaker, can be managed from anywhere in the world I happen to be, and will remain in our portfolio until we shift markets.
Lessons learned? Challenges?
Good partners are essential. Vendors need to be the best at what they do. Tenants need to be held to higher standards. Remote management is not only possible, it's the future. Long term investing makes the most sense for this type of property, though we keep our investments in ready to sell condition.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I have recommendations for those local to the Chicago Area. If you want to know more about automation and why that is my strategie, please reach out. Investors of any size can benefit from the lessons I have learned.
I enjoyed reading your post. I'm planning to invest in Berwyn in about a year or two. I will be renting to get to know Berwyn better. Thank you.
@Anthony Calek congratulations on your success!
@Anthony Calek Nice job here!
@Anthony Calek this was such an interesting post! I drive by that building all the time, and it is cool to hear about someone hitting a home run with this deal. Let's connect some time! I have 35 doors in Berwyn and am actively growing here.
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