Breneman Capital Sells Palmer Square Apartment Property

“After owning the property for just over 4 years, we sold it for $3,575,000 – which exceeded the value we assumed we would sell the property for in 10 years.”

On December 14th, 2023, Breneman Capital successfully sold an apartment property located at 3332 W Palmer Street in Chicago, IL.

The property was built in 2009 and consists of 8 total units, including six (6) 3-bedroom/2-bathroom and 2 (two) 4-bedroom/3-bathroom floorplans. The apartment building is located in Chicago's Palmer Square neighborhood - an area of the city that has blossomed over the last decade-plus and is well-known for the arts, dining/nightlife, and public parks.

Breneman Capital originally purchased the property in October 2019. Upon closing the transaction, Breneman Capital worked to improve the property substantially by addressing all deferred maintenance, replacing all water heaters, and providing much-needed upgrades to the unit interiors. Unit interior renovations included replacing all carpeting with new vinyl floors, introducing a modern and refreshed paint scheme, and refinishing the hardwood floors among other items.

In total, Breneman Capital was able to increase income by 33% over the hold period. Moreover, they increased the valuation by 35% in just 50 months of ownership, with the sale price greatly exceeding their initial projections that assumed a sale in 2029. Although the property was sold in 2023, a time marred by market uncertainty and high interest rates, Breneman Capital still delivered phenomenal returns to their investors – which they believe is a testament to their ability to source and execute in any state of the economy.

3332 W Palmer Street is one of 22 Chicago multifamily properties purchased by Breneman Capital since 2013. Breneman Capital has gone on to sell seven of those properties, including 3332 W Palmer Street.

"The sale of Palmer represents another successful realized investment for our company. After owning the property for just over 4 years, we sold it for $3,575,000 - which exceeded the value we assumed we would sell the property for in 10 years. There is no better feeling than exceeding your projections and delivering higher returns than anticipated for your investors." says Drew Breneman, 38, Breneman Capital's Founder & CEO. "Thank you to Jordan Multack at Greenstone Partners for facilitating the purchase and the sale of this one. He is an exceptional broker, and this deal would not have happened without Jordan."